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Russian Fintech Firms Join Digital Ruble Pilot
Russian fintech firms have started participating in the country’s digital ruble pilot program, in collaboration with the Central Bank to expand the reach of its CBDC project.
Partnership with Central Bank
- SimbirSoft and Sinara Lab have been selected to assist the Central Bank and its banking partners in implementing digital ruble software products within online and mobile banking applications.
Following Chinese CBDC Model
This move suggests that Moscow may be drawing inspiration from the Chinese central bank’s successful integration of the digital yuan with various banking platforms, including state-owned banks and neobanking firms.
About Sinara Lab
- Sinara Lab, a fintech-focused IT subsidiary of the Sinara banking group based in Yekaterinburg, is one of the firms participating in the pilot.
- The company specializes in remote banking systems and will collaborate with the Central Bank to integrate bank applications with the digital ruble.
About SimbirSoft
- SimbirSoft, headquartered in Ulyanovsk, specializes in app development for the financial industry and has experience working with institutions such as the Bank of Japan.
Private-Sector CBDC Adoption
While the focus is currently on private-sector CBDC adoption, both firms aim to streamline the adoption process for banks, reducing the timeframe from 6-9 months to 2-4 months.
Future Plans
The partnership between SimbirSoft and Sinara Lab aims to facilitate the effective implementation of the digital ruble across the Russian banking sector.
In February, the Central Bank announced plans to onboard 17 more banks in the second phase of the pilot, with a nationwide rollout scheduled for 2025.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
