Fintech in Russia on 40th place in the world
Swiss business school IMD published a report on digital competitiveness. According to the results of this analysis, Russia is on the 40th position out of 63 presented. That is, for two years the situation of the country has not changed: in 2016 it was in the same place, in 2017 it took 42nd position. But the United States entered the top five, along with Sweden, Singapore, Denmark and Switzerland.
The jury had 50 criteria divided into 3 groups for rating distribution. Above all, the Russian market was evaluated for the parameter “discovery, understanding and creation of innovations”. As a result, Russia took the 24th position, ahead of Luxembourg and Belgium.
But the least points received the area of “use of the results of digital transformation” here Russia is in 51st place. At the same time it was overtaken by Jordan, South Africa and Greece.
According to the study, the number of users of financial services in the cities of the Russian Federation is more than 40%. The country is on the same level with Britain and Brazil, and its performance is higher than in many economically developed countries. Only India and China were able to overtake Russia according to the results.
One of the shortcomings of fintech industry analysts call the shortage of major players in the market. So, the only big purchase in 2018 was the sale of Yandex.Market shares to Sberbank for 30 billion rubles.
Fintech perspectives in Russia
In the next audit conducted by KPMG, Russian company entered the hundred most successful organizations in 2018. This corporation was Blackmoon, its work is to create and control the tokenized funds. It was founded in 2015 by former Vice-President of Vkontakte Ilya Perekopsky and former head of the Fund Flint Capital Oleg Seydak. The organization is registered in Cyprus, but its subsidiaries are located around the world.
A bad indicator is that few investors want to invest in Russian fintech. Only 1% of all respondents. This list has been headed by the United States and the United Kingdom for several years.
According to experts, the main catalyst for development in Russia can be banks. This includes traditional credit corporations that donate large amounts of money to technology modernization, as well as neo-banks that are constantly increasing their audience.
The results provided by the banks indicate that in 2017 Alfa-Bank, Sberbank, VTB, as well as Raiffeisenbank financed technologies for more than 100 billion rubles. By the way, the bulk of this amount was donated by Sberbank (16% of all operating expenses of the Bank). The share of channel consumers among all active customers of the Bank is 64 percent.
Bloomchain Research also conducted its analysis, according to which the total cost of the largest neo-banks in Russia, and there are only seven, exceeded the figure of 200 billion rubles. By the way, the absolute leader is famous Tinkoff Bank, the cost of which was estimated at 227.93 billion rubles.