👀 Russian fintech under scrutiny: reflections after the Forbes.ru article

👀 Russian fintech under scrutiny: reflections after the Forbes.ru article

A longer response following our post. Is Russian fintech truly leading the world❓ Well... it depends on what you're looking at and how you measure it.

➡️ The most fundamental factor when evaluating any fintech ecosystem is the cultural context of the region. Only after that come the financial aspects, which are directly shaped by that context. (That’s why we focus so heavily on country-sector analyses here.)

➡️ Standard factors include: product offering, technological and security infrastructure, user experience (UX), sector digitalization, regulatory frameworks, etc.

➡️ It’s crucial to assess the balance between supply and demand within each jurisdiction while taking into account the local standard of living.

🪞 That’s why the development of Russian fintech must be examined alongside broader CIS-region processes. The post-Soviet culture shapes working styles and specialist training (less conservative and more flexible with legal frameworks compared to their European or American peers).

➡️ Key Russian trends: the standout example is the SBP (Fast Payment System). According to the Central Bank, in 2024 there were 13.4 billion transactions totaling 69.5 trillion rubles—double the volume recorded in 2023.

➡️ How does it compare? Its closest counterpart is Brazil’s #Pix🇧🇷. However, Pix outpaces SBP in speed: transactions are processed in 2.5–10 seconds, while SBP averages around 15 seconds.

➡️ When it comes to QR and NFC adoption, Russia is more aligned with Asian markets than with Europe or the U.S., where payment ecosystems remain more conservative and heavily reliant on traditional banking.

➡️ Generational trends: as seen globally, digital adoption is primarily driven by those under 45 years old.

➡️ In terms of Open Banking and Open APIs, Russia is less regulated than China🇨🇳 or India🇮🇳, but lags behind Europe and the Americas. Instead, Russian banks prefer to build their own ecosystems, often assuming the role of startups. This makes Russian users accustomed to getting new technologies and services directly from their bank, not third-party apps.

#news #Russia #insight #global

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