Russia’s banking sector is being shaken up by new entrants armed with the latest technology, but the process is proving anything but smooth for some of these pioneers.
Just months ago, as reported by East-West Digital News, Otkrytie, a major Russian bank, announced the acquisition of mobile banking startup Rocketbank. Almost simultaneously, Instabank, another mobile banking startup with a strong social dimension, announced that it was ceasing activities.
bne Intellinews inquired about Tinkoff Bank, which it describes as a classic example of a disruptive startup taking on established rivals.
But mobile phone companies actually pioneered the way for Tinkoff Bank, notes the online publication. Thus as early as 2012 Svyaznoy, a leading mobile device retailer, decided to leverage its store network by becoming a bank too.
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