Four Russian banks are working in collaboration with MasterCard and Accenture to run a fintech lab and accelerator to engage with local startups and foster a co-operative spirit in the development of new banking products and services.
Ak Bars, VTB 24, Bank Saint Petersburg, and Home Credit Bank will be putting aside their differences to support the launch of Fintech Lab, billed as the first collaborative acceleration programme for fintech in Russia.
MasterCard is to join the programme as a corporate sponsor while Accenture has been brought in to lend its expertise in running similar accelerators in Hong Kong, New York and London.
Representatives of the Central Bank of Russia, Ministry of Communications and major universities have also been called on to join the Fintech Lab board.
Applications for the first cohort of ten startups to pass through the 12-week accelerator will open in March.