Payment & banking technologies

How Sberbank has transformed itself from ‘babushka bank’ to digital banking giant

December 21, 2018

In this op-ed Anna Kuzmina, a figure of the Russian payment industry, highlights the importance of Sberbank in Russians’ everyday life, and the implications of this bank’s digital transformation. Mrs Kuzmina is Deputy Chief Commercial Officer at Yandex.Money, a joint venture of Sberbank and Yandex.  In just a few years Sberbank, Russia’s state-controlled banking giant, has …

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Yandex.Money adopts US personal finance management solution to “help people live smarter”

December 10, 2018

Yandex.Money’s 46 million users may now enjoy personalized analysis and advice to optimize their expenses and savings. The Russian e-payment company has integrated to its e-wallet mobile app a personalized financial management (PFM) service provided by American Moven Enterprise. This real-time application uses artificial intelligence to provide people with a “financial wellness” experience and “help …

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Sberbank, NSD and MTS complete full-cycle bond deal on blockchain

November 28, 2018

Earlier this month Sberbank, Russia’s leading banking institution, and MTS, a major mobile operator, completed successfully a full-cycle security deal using smart contracts – from bond issue to full execution of the issuer’s obligations to the investor. The MTS commercial bonds were organized and purchased by Sberbank’s corporate and investment banking business.  Their nominal cost  – …

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Chinese WeChat Pay comes to Russia, Russian Mir goes global

February 11, 2021

WeChat Pay, the payment system of the popular Chinese instant messenger, is making its debut in Russia. In late October Russian Standard announced to be the first Russian bank to support such payments, with the Novotel Moscow Center hotel as the first participant in the program. “In the near future, other Russian Standard partners will …

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AbeBooks closes bookseller accounts in Russia and three other countries due to cross-border payment issues

November 9, 2018

Last month AbeBooks, an online book retailer founded in 1995 (acquired by Amazon in 2008), announced its intention to close bookseller accounts in Czechia, Hungary, South Korea and Russia, starting from Nov. 30. Activities in these countries are “no longer viable to operate due to increasing costs and complexities,” AbeBooks stated.  AbeBooks’ service will continue in …

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Russian companies can now receive B2B payments online in minutes

October 29, 2018

In what is perhaps a world’s first, Yandex.Checkout, the B2B branch of Yandex.Money, and Sberbank, the number one banking institution in Russia, have launched “B2B Payments,” a service intended for companies to accept online payments from corporate clients as easily as from individuals. The service (which can be activated only via Yandex.Checkout) automates invoice generation and makes online …

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Credit Bank of Moscow, Visa release payment-enabled rings in Russia

September 4, 2018

Visa and Credit Bank of Moscow have partnered to introduce payment-enabled rings in Russia to allow consumers to make purchases across all contactless-enabled payment terminals. The Visa payment-enabled rings are made of shockproof and waterproof ceramics and require consumers to enter a PIN code when the cost of a purchase exceeds USD 13. If the …

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From startup emigration to local development: Fintech emerges in Kazakhstan

August 1, 2018

An oil-rich republic of the ex-Soviet Union, Kazakhstan now envisions its economic future as a gateway for foreign investment across Central Asia. Tech solutions and new apps are emerging there to facilitate the process, writes tech columnist Victoria Zavyalova. Until recently, Kazakhstan had little to show in terms of stock trading and fintech infrastructure. This …

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Yandex.Money launches advanced mobile payment services for e-merchants

July 25, 2018

Earlier this month Yandex.Checkout, the B2B branch of Yandex.Money, announced an update of its mobile software development kit (SDK). This SDK – an open-source software licensed by Massachusetts Institute of Technology (MIT) – already allowed e-merchants with a mobile app to accept payments with bank cards and e-wallets. It now includes mobile payments via Apple Pay, Google Pay, and Sberbank Online Mobile Bank. The …

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Sberbank customers can now transfer money using just a mobile number

July 15, 2018

Tinkoff Bank, a pioneer in P2P money transfers using a mobile number, has made available this service to Sberbank customers – expanding its potential audience to millions of customers of Russia’s leading savings bank. This service, which Tinkoff describes as being one of its most popular payment methods, will be made available to all Sberbank customers …

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Russian fintech startup Tezis.io secures $1 million, prepares for international expansion

July 9, 2018

Tezis.io, a Russian startup that helps its users invest in stocks from Russian and US companies, has just secured some $1 million from Target Global Fintech Opportunities Fund (TGFOF) with participation from business angel Nikita Mikhin. Launched in 2016, Tezis currently claims to serve 6,000 individuals and as well as two Russian brokerage companies, Aton and …

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Mastercard to support gambling market in Russia

February 7, 2018

Russian punters will soon be able to receive their betting wins online through the Mastercard payment network. The news was reported last week by Betting Business Russia, citing Mastercard. The international operator announced that it will soon make possible domestic transactions in this field in Russia, as is already the case in a range of other countries. These …

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