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Russia: Minsvyaz launches digital interaction service between citizens and banks

The Ministry of Digital Development, Telecommunications and Mass Media of the Russian Federation ('Minsvyaz') announced, on 20 May 2020, that it had launched a service for digital interaction between citizens and banks through the Unified Portal of Public Services. In particular, Minsvyaz noted that the service will allow citizens to remotely provide information about themselves to credit and insurance organisations through their personal account and receive services digitally. In addition, Minsvyaz highlighted that financial organisations will be able to receive the necessary information stored about citizens in various databases, including the Federal Tax Service and the Ministry of Internal Affairs. Furthermore, Minsvyaz stated that such information will only be obtained with the consent of clients, which will be stored in a single register for digital consents. Finally, Minsvyaz confirmed that, in the future, the project will be expanded to all credit and microfinance organisations, as well as supplemented with new information, including the incomes of citizens.

You can read the press release, only available in Russia, here.