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Russian Fintech Startups join hands with Central Bank and its banking partners to support digital Ruble pilot testing.
The craze for technology and digitalization encouraged Russian Fintech startups to support digital Ruble pilot testing. According to Russian media outlet Cnews, a few of the startups including SimbirSoft and Sinara Lab joined hands with the Central Bank to make the banking services more advanced.
Which Fintech Startups Are Supporting The Testing?
On April 7, 2024, news by Cnews brings the digital ruble pilot testing and Central Bank’s Central Bank Digital Currency (CBDC) project into the limelight.
According to the Media outlets, SimbirSoft, and Sinara Lab, the Fintech Startups of Russia come in support of the Central Bank and its partners in the pilot testing activities. The startups will help the banks in implementing the upcoming projects in the online and mobile banking applications.
The announcement comes after the digital yuan successfully integrated with the banking platforms of several state-owned banks with the help of the Chinese central bank. In addition to this, Moscow may be taking cues from the Chinese central bank’s CBDC project.
People’s Bank of China recently launched the digital yuan app and Moscow is on the way to do likewise.
SimbrSoft, headquartered in Ulyanovsk offers application development services and developed several mobile applications for the financial industry. The involvement of the firm with the CBDC pilot project is anticipated to develop effective applications for digital RUB.
Furthermore, the startup firm has also operated with clients like Japanese central bank, and the Bank of Japan.
Sinara Lab Yuan is another startup that has joined hands with the Central Bank and worked with clients like Sinara Bank, Gazenergobank, and the SME-focused Delobank. The firm specializes in remote banking systems and will help the Central Bank in linking bank applications with the digital Ruble.
Moreover, Sinara Lab claimed that the digital ruble implementation might decline the adoption timeframe from 6-9 months to 2-4 months.
The collaboration of both the Fintech startup firms with the bank was announced by the Chief Operating Officer of SimbirSoft, Dmitry Peterson.
Furthermore, it was announced by the Central Bank that 17 more banks will collaborate with the project in the second phase.
Digital Ruble Piolet Testing
Pilot testing of the digital ruble was launched on August 15 and involved 13 banks as well as a limited number of clients. The purpose is to test the functioning of the project in real-life conditions as well as check the required procedures for smooth functioning.
After complete testing and approvals, the digital ruble will be launched for public use at the beginning of 2025. The service will be available for both individuals as well as businesses who wish to actively use the national digital currency.
The testing procedure involves checking all basic transactions like digital wallet opening and money transfer, automatic bill payments, and QR-based payments for different services. Furthermore, the list of participants is supposed to be expanded until the final launch of the platform.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
