Raiffeisenbank’s Center for Technological Innovation has prepared their FinTech Forecasts 2025 report, outlining what they believe will be the major FinTech developments in the Russian market over the next 4 years. In particular, the report highlights:
- Ecosystem rationalization – by 2025, several large ecosystems are expected to remain in the Russian market. Their medium- and long-term success will be determined by both the amount of capital invested in them and their ability to quickly identify the effects of profitable synergies.
- Banking partnerships – by 2025, an estimated 70% of the largest Russian financial institutions will have adopted a bank-as-a-service (BaaS) concept. This will include partnerships with foreign FinTechs as well as the development of their own BaaS platforms.
- Tokenized assets – by 2023, Russia is expected to have formed a legislative base for working with tokenized assets. For their part, many financial institutions are already piloting several different interbank data exchange platforms and settlement solutions.
- Digital currencies – by 2025, 10% of countries are expected to have their own digital currencies in circulation as regulatory frameworks come online. For financial institutions, this will mean many activities related to transactional efficiency (e.g. KYC and AML) processes as well as payment transaction processes.
- Sustainable customer behavior – by 2023, Russia will have its first systems for motivating green customer behavior. This will help the investment community with more information on the social and environmental impact of investments.
Read more from the report here.