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VTB Bank and Rostelcom create Big Data joint venture company

VTB Bank and Rostelcom create Big Data joint venture company

Russia's VTB Bank and Rostelcom have invested $12.6 million to create a joint venture which will focus on development and monetisation of products based on Big Data processing, including artificial intelligence and machine learning technologies.

The new joint venture will be managed by the two companies on a parity basis, with a board of directors that will be responsible for strategy development and will include three representatives from each company.

The unit will be built around an open platform that will be accessible via an API to all interested market players. Customers will be able to access products and services based on the specific needs and behaviors of customers in a specific sector or segment.

The first pilot versions are expected to be launched before the end of 2020.

Alexander Aivazov, Rostelecom vice president for business development, says: “The Big Data market is just taking shape. In the modern world, companies need to preemptively and promptly respond to the continuously growing volumes of information that needs to be processed. We hope that the expertise and resources brought together through this joint venture will allow us to respond to the demands of the market and facilitate the economic growth achieved through the application of data analysis technologies.”

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