Fintech

Finance vs. tanks: Why SWIFT might be the weapon Russia fears most

February 3, 2022

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

Russian banks begin testing digital ruble payments

January 27, 2022

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 …

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Russia’s e-commerce leader Wildberries bought a bank to launch virtual debit card and instant refund

January 27, 2022

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 …

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No exchange, no investment, no mining: Russia’s central bank proposes triple ban on crypto

January 27, 2022

Bank of Russia proposed today to ban cryptocurrency investment and mining as governments around the world crack down on the decentralized currencies, citing a variety of threats including monetary stability. At the moment, conducting transactions with cryptocurrencies is illegal in Russia, but investing and buying crypto through exchanges is permitted under a recent change. Russian citizens’ transactions using decentralized …

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From London, to Switzerland, to India, Russian entrepreneurs and investors push fintech innovation

February 11, 2022

Last week, as reported by Reuters, TCS Group — the owner of Russian digital banking giant Tinkoff — took control of Swiss crypto service company Aximetria as part of its international expansion strategy. Founded by Russian serial entrepreneur Alex Axelrod in 2018, this startup has developed a SaaS platform to provide “seamless interconnection for any form of money: fiat, crypto and …

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Irene Shvakman, BNPL pioneer in Eastern Europe: “Clear regulation is needed to maintain online consumers’ trust in delayed payment offers”

March 27, 2024

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 …

Irene Shvakman, BNPL pioneer in Eastern Europe: “Clear regulation is needed to maintain online consumers’ trust in delayed payment offers” Read More

Preparing to Western sanctions, Belarusian banks sign up to Russia’s alternative to SWIFT

December 20, 2021

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 …

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Russian central bank to seek ban on investment in cryptocurrencies

December 19, 2021

The Russian central bank wants to ban investments in cryptocurrencies in Russia, seeing risks to financial stability in the rising number of crypto transactions, two financial market sources close to the bank said. Russia has argued for years against cryptocurrencies, saying they could be used in money laundering or to finance terrorism. It eventually gave …

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MTS acquires Russian-founded biometrics provider VisionLabs

December 15, 2021

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 …

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Report: Russians make $5 billion annually in crypto transactions

December 7, 2021

Russians are among the most active participants in the crypto space, Bank of Russia says, citing various studies. The country is one of the leaders in terms of number of visits on Binance, the world’s leading crypto exchange. Referring to estimates by large financial institutions surveyed this past July, the central bank notes that the annual …

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Russia shuts down several cryptocurrency farms

December 7, 2021

Authorities in Russia have closed down a number of illegal crypto mining facilities allegedly powered by stolen electricity. The underground farms have been discovered around Moscow, as well as in the Russian republic of Dagestan.  In particular, the Russian law enforcement and customs agents recently uncovered the theft of a large amount of electricity from the network operated …

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Russian digital banking giant Tinkoff acquires payment automation service Jump.Finance

November 26, 2021

Tinkoff, the Russian digital banking giant, has taken control of Just Look, the company behind the Jump.Finance payment automation service. Tinkoff purchased a 51% stake under undisclosed terms. Founded in 2017 by Anton Kirillov (CEO) and Mikhail Kirchenko (CTO), Jump.Finance has asserted itself as a major provider of payment automation software for taxi fleets, car dealers, delivery companies, scrap collector …

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