Bank of Russia has created a new fintech association that will focus on promoting the development of blockchain technology in the country.

The new association, scheduled to be operational this month, will explore promising technologies such as blockchain, open application program interface and remote identification technologies.

The group will also look to create a single payment space for Russian households and legal entities.

The association’s members include Alfa Bank, Sberbank, VTB, the National System of Payment Cards and Russian payment services provider Qiwi.

Bank of Russia deputy governor Olga Skorobogatova said: “The Association’s key objectives will include the development and introduction of new technological solutions to ensure the development of the Russian financial market. It will also promote digitalisation of the Russian economy.”