Banking technologies

Sberbank and Sistema team up to create adtech leader and monetize Big Data at an unknown scale

December 27, 2016

Russia’s national savings bank Sberbank has announced a “strategic agreement” with Sistema, a major Russian conglomerate, and Sistema_VC, the venture arm of Sistema, in the fields of advertising technology and Big Data monetization. Under the agreement, Sistema_VC is to acquire a 50% stake in Sberbank’s subsidiary Segmento for an undisclosed amount. Sistema_VC will also provide Segmento with expertise and …

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Blackmoon raises $2.5 million to expand its “marketplace lending as a service” platform

November 15, 2016

Last week Blackmoon, an international online lending platform with Russian roots, secured $2.5 million in an equity funding round which involved A&NN Group, Flint Capital, Target Global, and unnamed individual investors. Neither the valuation of the company nor the structure of the investment have been disclosed. Presenting its service as “marketplace lending as a service” (PLaaS), Blackmoon allows institutional investors …

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Central bank contest highlights Russia’s best fintech startups

December 2, 2016

Earlier this month, illustrating the emergence of a whole new tech industry in the country, the Russian central bank rewarded some of the most remarkable fintech startups. The contest took place in the framework of Finopolis 2016, a forum on innovative financial technologies. Held on October 13-14 in Kazan, the capital of the innovation-friendly republic of Tatarstan, …

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Russia’s Sberbank joins international blockchain project

August 31, 2017

Under an agreement signed last week with the Linux Foundation, Sberbank, the Russian savings giant, is joining the Hyperledger Project. Launched in December 2015, the Hyperledger Project defines itself as “a collaborative effort created to advance blockchain technology by identifying and addressing important features for a cross-industry open standard for distributed ledgers that can transform the way …

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Google and Yandex are ”key threats” to banks, says Sberbank’s CEO

September 26, 2016

The head of Russia’s biggest bank, Sberbank, has named online giants such as Google and Yandex as the ”key threats” to the company. Sberbank CEO German Gref warned that traditional banks are set to lose out as increasing amounts of money are being transferred online through services such as Facebook and Yandex Money. “The problem …

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Cryptocurrencies can destroy Russian economy, says state official

October 3, 2016

According to Paul Livadniy, the deputy director at the Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitrong), cryptocurrencies such as bitcoin threatens the Russian economy and could lead to its destruction. As reported by Russian publication Lenta.ru, Livadniy compared cryptocurrencies to traditional currencies. While the latter are issued by the state — providing greater controls such as …

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Short-term loans: The limits of Google’s global search monopoly

September 27, 2016

In July Alphabet, the holding company that controls Google, suspended placement of contextual ads for 60-day loans in the AdWords advertising service. The announcement of this decision in May caused a storm of protest in the financial community in the USA. Commenting on the ban, the search engine refers to some research which shows that …

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Major financial players announce blockchain exploration consortium in Russia

December 23, 2018

Earlier this month major companies from the Russian financial industry announced the creation of a consortium for joint exploration and project implementation in the field of blockchain and related technologies. Accenture, BINBANK, MDM Bank, Bank Otkritie, QIWI Group and Tinkoff Bank have expressed their intention to join the Consortium. The consortium presents itself as “Russia’s …

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After partnering with Facebook and Google, Russian startup VisionLabs raises $5.5 million from Sistema’s corporate fund

April 14, 2017

VisionLabs, a Russian startup specializing in facial recognition, data analysis and robotics, announced today that it has secured 350 million rubles ($5.5 million at the current exchange rate) from Sistema Venture Capital. The fund received a 25% stake, valuing the startup at 1.4 billion rubles ($21.5 million). Founded in 2012, VisionLabs has developed a software package, named ‘Luna,’ …

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Russian startup Blackmoon launches online lending platform in the U.S.

July 5, 2016

A Russian startup is launching in the U.S. this week to target the lucrative online lending market. Blackmoon launched initially in Russia last June, and has since rolled out into Poland, Latvia, Czech Republic, Estonia, Georgia, and Finland. Today, it opens its New York office and will begin the process of integrating with lenders in the …

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Pure players and mobile operators shake up Russian banking sector

June 23, 2016

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 …

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