After a much-struggled partnership between Yandex, Russia’s most valuable digital company and Sberbank, a retail state-owned bank to kick start an internet marketplace, everything seems to have come to an abrupt halt. Media is considering it be the case of sour grapes.
Yandex is rather looking to tie up with the second largest bank of the state, i.e., VTB in order to do service around fintech and trade funds and equities with investors from retail.
This new platform, called Yandex will offer financial services. Investment and news firm, Bell stated referring to an unnamed source from banking.
Hence, we now know that the collaboration between Yandex and Sberbank will resurrect a full-fledged e-commerce giant Yandex.
When markets plunged in July in the year 2018, E-commerce has been catering to over 4.8% of retail business in Russia. Now, it has been reported to be growing by leaps and bounds. A recent forecast stated its growth rate to touch 8.5% in 2024. Yandex is projected to be an inevitable part of this unbridled growth.
Sberbank is the pioneer and a leader in digital transformation. It has recently beaten down Yandex by tying up with Mail.ru, its biggest rival on the fronts of transportation as well as some delivery solutions.
The recent collaboration with Yandex can be of help to VTB in order to notch up its digital lane of services to match up with Sberbank.
The recent investment of VTB is projected as the company’s biggest fintech project, ever since Yandex lost its 75% stake in cash to Sberbank. The given service is reported to aim at non-professional investors from retail, lending equity with a convenient availability. It also offers securities with some financial instruments that can meet resistance from the regulators.
Joining hands with Sberbank, the firm will still function in the marketplace to be in the list of largest investments in the e-commerce of Russia. Sberbank also considers Rambler Group and not Yandex to be its primary media portal to aid the growth of its digital ecosystem.