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Sberbank ready to launch national ecommerce ecosystem in Russia

Monday 19 December 2016 | 01:45 PM CET

Sberbank, Russia`s largest bank, is planning to set up an ecommerce ecosystem modeled on Alibaba Group to bring together consumer goods, real estate, education, health care and travel industries.

The project will offer services both to end users and to businesses involved in a broad range of sectors, from education and health care to construction and consumer goods. Metallurgy and heavy industry have been finding it more difficult to introduce new technologies than the service sector, including banking, reports.

It was first reported that Sberbank was working on a project to launch a national ecommerce ecosystem using its in-house resources in November 2016. By “ecosystem” the bank means a network of organizations based on a common technological platform and using its capacities to combine their services and make them available to clients, reports the Russian business daily Kommersant.

Sberbank estimates that the economic value of such a project in Russia could reach around USD 1 trillion at the current exchange rate by 2025.

Sberbank's project could fit in well with the government programme to switch to Russian software products, and also with the requirement for personal data of Russian citizens to be stored on Russian-based servers.

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