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Russian banks, Mastercard take on first fintech accelerator initiative

Tuesday 21 February 2017 | 12:38 PM CET

Four major Russian banks, Ak Bars, VTB 24, Bank Saint Petersburg, Home Credit Bank, and Mastercard announced the launch of Fintech Lab, the first collaborative acceleration programme for fintech in the local market..

Strategic consultancy will be delivered by Accenture, a consulting company with experience in hosting acceleration fintech programmes in London, New York and Hong Kong. Representatives of the Central Bank of Russia, Ministry of Communications, the FinTech association and major universities have been invited to the expert board of the future programme.

The application is to start in March 2017. Following the results, 10 startups will be admitted to a full-time acceleration programme in Moscow. An intensive 12-week programme will include practical training, working with mentors assigned by participating financial institutions and road shows.

The programme’s goal is to find and cultivate areas where fintech-startups and large financial structures can cooperate, school them to work together and deliver collaborative solutions.

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