Fintech

Russia’s Supreme Court recognizes tokens as assets like money and property

December 26, 2019

Although many of them are still wary about legalizing decentralized digital money, governments around the world are nevertheless tempted to tap into incomes from the cryptoconomy or feel obliged to prevent illicit uses of cryptocurrencies. With each step authorities take to achieve their goals in either of these directions, however, they inevitably add another layer …

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Cross-border payments and commerce report 2019–2020

December 16, 2019

ThePaypers, a major online publication dedicated to the payments and related industries, has just released its ‘Cross-Border Payments and Commerce Report 2019 – 2020.’  Available for download free of charge, this 144-page document depicts the major trends driving growth in cross-border payments, cross-border commerce, and marketplaces. It is intended for international retailers, global shipping companies, …

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Sberbank makes AI-oriented supercomputer available to organizations “of any size”

December 2, 2019

Sberbank, the Russian financial and technological behemoth, is preparing “Russia’s fastest supercomputer” for commercial launch. This computational capacity was unveiled at an industry conference last month by Sberbank CEO German Gref in presence of President Putin . The supercomputer will be made available to customers of SberCloud, Sberbank’s cloud solution, starting from December 12 as scheduled by the …

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New hints in leaked recordings: Russian spy agencies intertwined with bitcoin exchanges

November 29, 2019

In 2018, US Special Counsel Robert Mueller revealed precise evidence in alleging how Russia’s military intelligence agency used bitcoin transactions to mask meddling in the 2016 U.S. presidential elections.  Earlier this month, new glimpses into the shadowy world of cryptocurrencies emerged in a BBC Russian Service report that provided more indications of how exactly Russian spy agencies …

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Russian tax authority registers crypto as part of a company’s capital

November 27, 2019

At present, cryptocurrencies don’t have any legal status and are not regulated in Russia. Yet a company called Artel has managed to officially add bitcoin to its authorized equity capital. Not without giving the entity a hard time, the country’s Federal Tax Service eventually agreed to register the change in its status. According to experts …

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Oleg Ganeev, Deputy Chairman of the Executive Board of Sberbank: “AI has become the core that maintains and enhances process performance”

December 7, 2020

Born in Ufa city (Bashkortostan, Russia), Oleg Ganeev has built his career in the banking industry (Uralsib, Rus-Bank, Sberbank). In November 2014, at 42, he was appointed as Deputy Chairman of the Executive Board of Sberbank. He is in charge, in particular, of the sales network, distressed assets department, Islamic banking and related partnerships. In this exchange with East-West Digital News, Mr. Ganeev presents a …

Oleg Ganeev, Deputy Chairman of the Executive Board of Sberbank: “AI has become the core that maintains and enhances process performance” Read More

ID Finance secures $2 million in minutes on crowdfunding platform

November 12, 2019

Update Nov. 12: ID finance finally closed the crowdfunding campaign one week ahead of schedule. The company raised £4.95 million ($6.36 million) in total, more than three times as much as the initial target. ID Finance, a Barcelona-based fintech company with Russian roots, claims to have raised nearly $2 million in just a few minutes last …

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Mail.ru Group, Alipay, USM, MegaFon and RDIF team up to launch e-wallet JV

October 28, 2019

Earlier this month Alipay, Mail.ru Group, mobile operator MegaFon, sovereign fund RDIF and Alisher Usmanov’s holding USM agreed to create a joint venture focused on digital payment services in Russia. Their initiative is presented as being “part of efforts to promote financial inclusion” and “upgrade the country’s digital payment services.” The JV will integrate two existing …

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New massive data breach hits Sberbank

October 24, 2019

On October 24, the newspaper Kommersant reported that Sberbank clients’ personal data were for sale on the black market in a database that apparently contains roughly a million lines of customers’ passport numbers, registration information, home addresses, telephone numbers, account numbers and balances, and records of any recent communication with the bank’s call center. Spokespeople for Sberbank, …

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Finance heads call for stronger cybercrime punishments

October 14, 2019

Russia’s largest bank and its financial regulator last week called for tougher penalties to be put in place against cybercrime. Governor of the Central Bank Elvira Nabiullina and Sberbank CEO German Gref highlighted how criminal responsibility in Russia for some cyber crimes is softer than in the United States, while for others it is completely …

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Russia regulates digital rights, advances other crypto-related bills

October 10, 2019

On Oct. 1, the law “On Digital Rights” entered into force. It establishes the basic legal definition of rights in the digital realm and determines their status under the country’s civil rights law. “Digital right” in this context is a new legal term, the scope of which can be interpreted to include tokens such as …

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