VTB Group is about to launch a corporate fintech accelerator based on GenerationS, the largest startup accelerator in Russia and Eastern Europe held by RVC. The VTB corporate accelerator is aimed at searching and developing technology projects with solutions able for implementation within VTB Group companies.
As part of the XXII St. Petersburg International Economic Forum, an agreement on the establishment of the accelerator was signed by Olga Dergunova, Deputy President and Chairman of the VTB Bank Management Board, and Alexander Povalko, General Director of RVC.
Upon signature of this agreement all startups wishing to participate in the VTB fintech accelerator are welcome to submit their applications. Applications are welcome from teams developing solutions for the financial and financial-related sectors in the field of big data, artificial intelligence, biometrics, blockchain, Internet of things, digitalization of business processes, etc.
Experts from the bank and GenerationS will jointly evaluate the applications, select about 40 most promising teams and help the teams finalize their technology solutions in order to integrate them subsequently into the business processes of VTB Group companies. During the acceleration program, projects will be assisted by IT specialists, experts in the field of finance, marketing, sales and patent support.
In March 2019, VTB is going to announce the winners - startups which will be selected for pilot projects of the bank. Successful projects will be eligible for a long-term partnership with VTB and investments.
"VTB can look back on a history of partnership with the GenerationS accelerator. Since 2015, the bank has been involved in the evaluation of startups jointly with other corporations. This year, we joined efforts with GenerationS to launch our own fintech accelerator, a large joint project assuming a new level of partnership. This is an excellent opportunity for the bank to find and joint efforts with our businesses to finalise innovative solutions in such a way that they could be easily integrated into business processes and customer scenarios", said Olga Dergunova, Deputy President and Chairman of VTB Bank Management Board.
"Creation of the VTB corporate accelerator is a strategic step towards the implementation of the state initiative for the target oriented integration of products and services developed by the small innovative companies into the business processes of large players. RVC is ready to provide expert support for working with the "open innovations" tools so that the corporate partners are offered competitive advantages in the global market", said Alexander Povalko, CEO of RVC.
Applications are accepted from 24 May to 31 August 2018.
You can go to the website: vtb.generation-startup.ru to fill out the application for participation in the VTB corporate accelerator.
GenerationS is a federal platform for the development of corporate acceleration tools. It has been held by RVC since 2013. The largest Russian and international corporations, in whose interests the selection and acceleration of startups is carried out, become every year industrial partners of GenerationS. The GenerationS startup participants receive ample opportunities for business development and investment promotion as well as access to resources and infrastructure of accelerator partners.
RVC JSC is a governmental fund of funds, the Institute of Development of the Russia's venture investment industry. The main objectives of RVC JSC: promote creation of Russia's own venture capital industry and execute functions of the Project Office of the National Technology Initiative (NTI). The authorized capital of RVC JSC is more than 30 billion roubles. One hundred per cent of the RVC capital is owned by the Russian Federation represented by the Federal Agency for Management of State Property of the Russian Federation (Rosimushchestvo). The total number of funds formed by RVC JSC has reached 26, their total size is 35.7 billion roubles. The share of RVC JSC is 22.7 billion rubles. The number of innovative companies approved for investment by RVC funds has reached 223. The total amount of monetary funds approved for investment is 18.2 billion roubles.
VTB Group is one of the largest financial institutions of the Russian Federation, comprised of over 20 credit institutions and financial companies, including VTB Capital, VTB Insurance, VTB Pension Fund, etc. In 2017, the bank adopted a digital transformation strategy to improve the quality and efficiency of the business opportunity implementation, ensure reliability and adaptability of the IT platform as well as create new competitive advantages through the integration of innovative technologies.