Fintech

Sberbank, Gazprombank and Digital Horizon aim to create “global leader” in biometrics

August 6, 2019

Sberbank, the state-controlled financial giant, intends to acquire a 51% stake in Speech Technology Center (STC) from Gazprombank, a financial arm of the Russian gas company.  Digital Horizon, a VC and business incubation firm with offices in Moscow and Tel Aviv, has also agreed to acquire a minority stake in STC.  After deal completion in …

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Russian online banks are all vulnerable to attacks, says report

April 9, 2019

Russian web-based banking apps are all vulnerable to attacks from the outside, making it possible to access clients’ personal details and secret banking information. More than half (54%) of these applications expose  client’s money to be stolen.  The report characterizes the protection of 61% of such web applications as “low” or “very low.”  This are some of the …

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Up to 15% of online purchases in Russia are made on credit

July 13, 2019

Yandex.Checkout, the B2B branch of Yandex.Money, recently released a study about online sales on credit in Russia. The research is based on the data collected by the company itself, following the launch of  its ‘Payments in installments‘ offer in March 2018. The key findings of the study are as follows: Most concerned product or service categories Electronic …

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Supercomputer helps Russian digital lender solve AI tasks “hundreds of times faster”

April 3, 2019

Tech-friendly Russian digital lending giant Tinkoff Bank has developed one of Russia’s most powerful super computers.  Named after the eminent Russian mathematician Andrey Kolmogorov, the machine has been ranked 8th in the Top 50 supercomputers in Russia – at the highest place among participating businesses. It boasts the highest per-node performance in Russia (41.9 TFlop per second), according to the ranking. As explained by …

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New online bank to serve cross-border transactions from and to Russia

July 13, 2019

Bank 131, a new digital bank focused on Russian companies and entrepreneurs that work for global Internet companies and/or buy from global e-commerce companies with a Russia presence, announced today they have received their banking license from authorities – the first and only new bank to do so in four years.  Bank 131’s mission is …

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Russia-connected asset manager launches new crypto fund

March 22, 2019

Earlier this month ITI Funds, a buy-side intermediary, advisory and asset management company, announced the launch of a new crypto fund Dubbed ‘ITI Funds Crypto Index Fund,’ the fund focuses on index tracking, covering “30 crypto-assets with the largest market capitalization.” These include Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, ZCash, Stellar, and Ethereum Classic.  “The fund assets must …

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BRICS countries could launch integrated payment system

March 13, 2019

Brazil, Russia, India, China and South Africa are currently developing a common payment system designed to be used from any of the five countries with their local currencies. The Russian newspaper Izvestia has described some details of this project based on exchanges with representatives of the Russian sovereign fund RDIF and the Russian Bank Association, …

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Russia’s Minister of Justice: Cryptocurrencies do not need to be legally defined yet

February 17, 2019

Alexander Konovalov, Russia’s Minister of Justice, said on February 13, during the government hour in the Federation Council, that clear legislation on cryptocurrencies would not be formalized anytime soon. According to news agency Tass, Konovalov said both the constitution and the current financial system’s legislation “categorically prohibits the use of the cryptocurrency as a means of …

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Crypto mining could bring Russia $1 billion in taxes, report claims

February 11, 2019

Russia’s electrical surplus last year reached 20 GW. According to a study conducted by industrial mining solutions provider Bitcluster, that’s enough energy to power 14.8 million of the popular Antminer S9i ASIC devices. If Russia uses the excess electricity to mint digital coins, the state would receive 70 billion rubles (over $1 billion) just from …

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Ingenico’s new solution aims to process cross-border payments from Russia more easily

July 13, 2019

Last month Ingenico Group, a global leader in seamless payment, launched a domestic processing and cross-border settlement offer to make easier international payments involving Russian online consumers. The offer is intended for international merchants without a Russian legal entity to avoid the cross-border transaction fees that are imposed by acquiring banks outside of Russia. As …

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Major Russian bank patents multi-issuer blockchain system

January 25, 2019

VTB, a major Russian bank, announced yesterday that it has obtained “a patent for a multi-issuer payment system based on blockchain technology.” The bank claims it is “the first case of a bank patenting its intellectual property” in this field. VTB aims to use this technology to “develop digital products, services and payment instruments to …

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