Russian Fintech Startups Join Digital Ruble Pilot

Russian fintech startups are joining the pilot of the country’s digital ruble, with SimbirSoft and Sinara Lab assisting the Central Bank in implementing digital ruble software products. This move suggests that Moscow may be taking inspiration from the Chinese central bank’s approach to its CBDC project. Sinara Lab, an offshoot of the Sinara banking group, specializes in remote banking systems and will work on integrating bank apps with the digital ruble. SimbirSoft, on the other hand, focuses on app development and has previously worked with the Bank of Japan. The inclusion of Russian fintech firms in the pilot indicates that the Central Bank may be considering developing its own app for the digital ruble, following in the footsteps of the People’s Bank of China. However, the firms mentioned are currently focused on private-sector CBDC adoption. They claim that their digital ruble adoption products can significantly reduce banks’ adoption timeframe. The nationwide rollout of the digital ruble is expected in 2025, following the second phase of the pilot involving 17 additional banks.