Digitalization of the Financial Sector in Russia: Government Regulation, Development Experience and Prospects

The introduction of innovative technologies such as artificial intelligence (AI), blockchain, biometrics, and open interfaces into the financial sector can radically change the way banking organizations provide services and interact with fintech companies. However, this process also introduces new risks that need to be managed through government policies. The primary goal of this research is to explore the main factors contributing to successful implementation and development of digital technologies in the Russian financial sector, and to provide a a set of recommendations for government regulation in this field. This study examined the international experience of digital transformation of the financial sector, identifies the prospects and risks of fintech development in Russia, and based on the analysis of scientific literature and expert interviews, practical recommendations for improving the development of financial technologies in Russia are developed.