Tinkoff Bank now valued at $4 billion, launches R&D center at Skolkovo

On February 9, Tinkoff Bank, the Russian digital lending giant, announced the launch of an R&D center at Skolkovo, the international tech hub under completion on the outskirts of Moscow.

The new center will focus on Blockchain-based solutions and cryptoeconomics research in order to  boost the Tinkoff’s financial ecosystem. “The ideas and prototypes developed at the hub will serve not only to support Tinkoff Bank’s day-to-day operations, but also to spread such new technologies widely in the industry.”

The R&D team will also engage in developing biometric voice and face recognition technologies, aiming to “enhance customer experience, improve the security of financial transactions and augment in-store analytics.”

The use of voice recognition technology has already saved the bank around 720 hours of employee time per month, says Tinkoff.

The bank stroke its partnership with Skolkovo this past summer.

“Skolkovo has all the necessary conditions and infrastructure to develop truly breakthrough projects. New teams for these projects are currently participating in the Tinkoff’s acceleration program and working as part of the bank’s real-life projects,” commented Vyacheslav Tsyganov, VP and CIO at Tinkoff.

“They will work independently at Skolkovo within the next few weeks,” he added.

Tinkoff Bank was established as a online-only credit card issuer by serial entrepreneur Oleg Tinkov in 2006.

With a market share of 11.6% and almost seven million customers across Russia, the bank was reportedly the second largest player in the Russian credit card market as of October 1, 2016. Tinkoff saw its net profit surge by 75% y-o-y in the third quarter of 2017.

Listed  on the London Stock Exchange (TCS LI) since October 2013, Tinkoff Bank saw its capitalization surpass $4 billion in late January 2018. The company’s value thus exceeds that of Virgin Money PLC’s or Greece’s Alpha Bank, the company’s press service told East-West Digital News.

Source: Tinkoff

See the full scoop over at East-West Digital News: https://ctrlshift.co/2018/02/11/tinkoff-bank-now-valued-at-4-billion-launches-rd-center-at-skolkovo/