The decision of Visa and MasterCard in early March — followed by Chinese UnionCard — to back away from Russia has affected dozens of millions of card holders from this country. While Russia managed to keep their cards active for domestic transactions at least until they expire, Visa and MasterCard cards can no longer use …
How Russia pushes MIR card adoption in new countries Read More
UK-sanctioned Russian businessman Oleg Tinkov said the Kremlin forced him to sell his stake in a major bank he had founded after he criticized the Ukraine war. Tinkoff Bank, one of Russia’s most impressive success stories in the tech field, has over 20 million customers — making it one of the world’s biggest digital banks. It is …
As Western powers began cutting off its access to the SWIFT interbank payment system, Russia could turn to cryptocurrency to bypass sanctions. This Monday Sergey Glazyev, a former Russian minister and advisor to President Putin, made this suggestion in an interview to Russian TV channel RBC. Cryptocurrencies can become an alternative for settlements with Western countries, allowing Russia to continue …
Russia weighs pros and cons of using crypto to evade Western sanctions Read More
The US said Friday it will “probably not” try to kick Russia out of the SWIFT financial messaging system should Moscow invade Ukraine. Washington has threatened to levy “severe” sanctions on Moscow in the event it attacks Ukraine, promising a package of measures that could “devastate” the Russian economy. “All options remain on the table. …
Tinkoff’s mortgage loan offering is the first of its kind in Russia: the process will take place entirely online, from paperwork to credit issuance. Since Tinkoff has always been branchless, customers will not need to visit a brick-and-mortar location at any stage of the transaction, including when applying for electronic signatures. First, Tinkoff customers will be …
Tinkoff introduces Russia’s first digital mortgage loans Read More
Some are calling it the “nuclear option.” As Western governments threaten Russia with a package of unprecedented sanctions aimed at deterring President Vladimir Putin from ordering an invasion of Ukraine, there’s one measure in particular that appears to strike fear at the heart of the Kremlin: cutting the country off from the global banking system. US lawmakers have suggested …
Finance vs. tanks: Why SWIFT might be the weapon Russia fears most Read More
While advocating a ban on crypto exchange, investment and mining in the country, Russia’s central bank has plans to launch its own digital currency. Having completed the prototype of the digital ruble platform in December, the monetary authority is now beginning to experiment with transactions. A dozen banks have been invited to join the first stage of …
Russian banks begin testing digital ruble payments Read More
Wildberries has just launched its first financial product — a virtual debit card that allows its customers to make purchases on the marketplace with a 2% discount. The news was reported earlier this week by RB.RU, which cited the company’s press service. Only users with a Wildberries account can get the ‘WB Card,’ which is provided at …
As Buy Now Pay Later (BNPL) has become a popular way for consumers around the globe to settle their purchases, Russia’s Central Bank is seeking to regulate this activity. In this exchange with East-West Digital News,, industry pioneer Irene Shvakman – who co-founded Revo Technologies, Russia’s first BNPL service, even before today’s Western leaders appeared …
Belarusian banks are preparing for tougher Western sanctions by signing up to Russia’s alternative to SWIFT, the international financial messaging network that underpins the global banking system, Russia’s Moskovsky Komsomolets tabloid has reported. Russia’s System for Transfer of Financial Messages (SPFS) has more than 400 domestic users — practically every licensed Russian lender — but is …
Preparing to Western sanctions, Belarusian banks sign up to Russia’s alternative to SWIFT Read More
Intema, the AI accelerator and venture fund launched by mobile operator MTS this past September, is set to acquire biometrics firm VisionLabs for 7 billion rubles ($95 million at the current exchange rate). Founded in Russia in 2012, this developer of AI-powered computer vision solutions quickly drew the attention of top global digital players. Sber (at that time ‘Sberbank’) invested in the company in …
MTS acquires Russian-founded biometrics provider VisionLabs Read More
Tinkoff has been recognised for its innovative banking solutions as the Most Innovative Digital Bank in Central and Eastern Europe at Global Finance magazine’s 2021 World’s Best Digital Banks awards. In 2020, Tinkoff unveiled its AI Banking strategy that aims to transform its customer offering through personalisation with the help of artificial intelligence across all products …
