A financial technology competition of startups to be held in Russia

The competition is open for Russian startups that implement projects in the area of financial technologies that contribute to the development of electronic interaction in the domestic financial market. Acceptance of applications will last until September 12, after which the Competition Commission will select 18 projects most promising for the market. They will be presented to a wide range of financial market participants during the days of the FINOPOLIS 2.0 Forum.

The winners that take the first, second and third places will receive cash grants of three, two, and one million rubles, respectively.

"The grant support of talented entrepreneurs, generating and implementing innovative ideas in the field of FinTech, promotes technological development of the Russian financial market, – said the first Deputy Chairman of the Bank of Russia Sergei Shvetsov. – We hope that this will give an impetus to the growth of start-ups and their transformation into a serious business, which will enable the entire domestic financial system to become more competitive, meeting the challenges of the time."

The projects applied for the contest will be able to qualify for GenerationS, in which the direction of acceleration will be created for FinTech startups. Gulnara Bikkulova, Deputy General Director – Director for Development at RVC, commented: "FinTech has become one of the most competitive industries recently, which has greatly increased the interest of the companies from this sector in technology on the open market. After studying the needs of the major players, we have decided to launch a special direction for FinTech projects, within which the best start-ups will undergo intensive training and will present their developments to potential customers from the GenerationS partners." The list of corporate accelerator partners will be announced on July 7 in Moscow as part of the official launch of the GenerationS-2016.

Detailed information on the conditions and procedure of the competition has been posted on the website www.finopolis.ru; the application can be made on the website of the startup GenerationS accelerator.

The annual Forum of innovative financial technologies FINOPOLIS 2.0 is carried out by the Bank of Russia in association with the Government of the Republic of Tatarstan. This wonderful event brings together on a single platform the representatives of state authorities, Russian and international financial sector, and the representatives of the IT-industry and expert community. The Forum is a major event in Russia in the field of digitalization of financial markets and the largest platform for professional discussion of issues on the use of digital technologies in financial markets and the demonstrations of new solutions and opportunities, discussing global trends in the field of FinTech, making it possible to provide customers with high-tech financial services.

RVC, OJSC is a state fund of funds, the development institution of the Russian Federation, one of the key tools in building its own national innovation system. The authorized capital of RVC, OJSC is more than 30 billion rubles. One hundred per cent of the RVC capital belongs to the Russian Federation represented by the Federal Agency for Management of State Property of the Russian Federation (Federal Property Management Agency). The total amount of funds generated by RVC, OJSC has reached 22 billion rubles; meanwhile, the total size is equal to 33 billion rubles. The share of RVC, OJSC is 20.2 billion rubles. The number of innovative companies invested by RVC funds has reached 197. The total volume of invested monetary funds is 18.2 billion rubles. Since 2015, RVC has been defined as a project office for the implementation of NTI - the program of measures aimed at the formation of fundamentally new markets and the creation of conditions for global technological leadership of Russia by 2035.