Fintech

Sber to open R&D center in Berlin “to expand horizons in machine learning”

November 5, 2021

Sber, the Russian financial and digital giant, is preparing to open an R&D center in Berlin — its first one in Western Europe. These plans were announced by Sber’s Executive Vice President and CTO, David Rafalovsky at the Web Summit conference in Lisbon. This initiative aims to attract high-class IT developers, architects and specialists. “Our center is …

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Ransomware HQ: Moscow’s tallest tower is a cybercriminal cash machine

November 3, 2021

The crown jewel of Moscow’s business district, a 97-story glass tower known alternately as Federation Tower East or Vostok, is a tribute to Russia’s post-Soviet economic influence and national strength. Promotional materials for the building, which was the tallest in Europe when it was completed in 2017 and is now number  2, boast of its …

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Russia does “absolutely nothing” to regulate cryptocurrencies, says industry advocate

October 26, 2021

Despite Russia adopting its first cryptocurrency law in January 2021, the country’s cryptocurrency market is still largely unregulated and is associated with a lot of uncertainty, according to a local industry advocate. Yury Pripachkin, head of the Russian Association of Cryptoindustry and Blockchain (RACIB), argued that the existing Russian crypto regulations are nothing more than “half-measures” that …

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Now a top global crypto mining location, Russia considers introducing higher energy tariffs

October 19, 2021

Russia has become one of the world’s top three locations for bitcoin mining activity, following China’s crackdown on crypto earlier this year.  In August 2021, according to the Cambridge Bitcoin Electricity Consumption Index,  bitcoin miners in Russia accounted for 13.6% of the total global BTC mining hash rate distribution, bested by only the United States (26.2%) and Kazakhstan (21.9%). Energy consumption has grown …

Now a top global crypto mining location, Russia considers introducing higher energy tariffs Read More

Moscow metro introduces “world’s first” pay-by-face system

October 15, 2021

The Moscow Metro on Friday rolled out what authorities have touted as the world’s first fare payment system based on facial recognition technology. The cashless, cardless and phone-less system, called ‘Face Pay,’ has been fitted at special turnstiles across the Russian capital’s more than 240 metro stations. “To enter the metro, passengers won’t need a …

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M.Video-Eldorado acquires online lending platform, aims to deploy fintech services “across the entire Russian retail market”

September 23, 2021

Russian consumer electronics major M.Video-Eldorado Group announces today the full acquisition of online lending platform Direct Credit as part of its strategy to develop its “promising fintech business.” The transaction amounted to 1.3 billion rubles (nearly $18 million at the current exchange rate). Direct Credit services will be integrated into in the group’s fast-growing OneRetail platform, both online …

M.Video-Eldorado acquires online lending platform, aims to deploy fintech services “across the entire Russian retail market” Read More

US sanctions Russia-based cryptocurrency exchange over ransomware

September 27, 2021

The US Treasury Department has for the first time sanctioned cryptocurrency exchange, a Russian-based Suex that is registered in the Moscow City business compound and operates physical as well as virtual exchanges. Suex is allegedly responsible for over $480 million of unlawful operations, has been used for ransomware attacks and operated transfers to and from Finiko crypto ponzi scheme and Russia’s …

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Russia’s Hermitage experiments with NFTs, “an aesthetic of possession”

September 10, 2021

Russia’s Hermitage Museum, one of the world’s largest art collection, has sold digital copies of several masterpieces in the form of non-fungible tokens (NFT). The auction, in partnership with cryptocurrency exchange Binance, took place from August 31 to September 7. A limited series of NFTs were brought out, featuring digital reproductions of Leonardo da Vinci’s Madonna Litta,  Giorgione’s Judith, Vincent van Gogh’s Lilac …

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Survey: 77% of Russian investors prefer Bitcoin to gold and forex

September 6, 2021

In late August Russia’s Association of Forex Dealers (AFD), a local self-regulatory organization focused on the foreign exchange market, released a survey about the local investor sentiment regarding cryptocurrencies. The survey was conducted from Aug. 4 to Aug. 24, 2021 among 502 respondents. Nearly 77% of them said that cryptocurrencies such as Bitcoin, Ether and …

Survey: 77% of Russian investors prefer Bitcoin to gold and forex Read More

Sber plans to register digital asset issuance platform in September

September 6, 2021

Sber, Russia’s state-controlled financial and digital giant, continues progressing with the development of its blockchain-based platform for issuing digital assets. Anatoly Popov, deputy chairman of the executive board at Sber, said his organization is planning to have registered its digital asset issuance platform with the Bank of Russia — the country’s central bank — by …

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Report: Eastern Europe strikingly affected by crypto scams

September 2, 2021

Earlier this week Chainalyis published the key findings of their 2021 Geography of Cryptocurrency report. According to this research, Eastern Europe is severely affected by illicit cryptocurrency-related activity. In relative terms, the region is second after Africa in terms of exposure — but its overall crypto economy is much larger than that of Africa.  The key findings of this …

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Tinkoff named most innovative digital bank in Central and Eastern Europe at World’s Best Digital Bank Awards

August 27, 2021

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 …

Tinkoff named most innovative digital bank in Central and Eastern Europe at World’s Best Digital Bank Awards Read More

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