Sberbank sets up MVNO for mobile banking
Russia’s largest banking group, Sberbank, is to launch mobile banking via a mobile virtual network operator (MVNO).
According to Russian business daily Vedomosti, the bank has created a new subsidiary, SB-Telecom, which will act as the MVNO.
The development is at the early stage as the new firm hasn’t received any licences yet from Roskomnadzor – the Federal Service for Supervision in the Sphere of Telecom, Information Technologies and Mass Communications.
The plan is for SB-Telecom to provide telco services for Sberbank’s customers as well as firms within the group.
The subsidiary, which has a total equity of RUB 100 million ($1.5 million), is not owned by Sberbank directly, but via two companies Digital Technologies and Digital Assets.
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Recently, Sberbank initiated a number of other changes to its banking operations.
It announced a major technology overhaul. The bank’s senior MD of technology, Mikhail Khasin, did a presentation on the bank’s new business development platform at a recent conference, TAdviser SummIT.
The bank unveiled a new digital product, Sberbank Messenger – a communication platform for users to interact with friends and colleagues as well as with services providers, shops and businesses.
Sberbank Kazakhstan and OpenWay also launched a cardless cash withdrawal service on the Way4 platform.
Written by Antony Peyton