In Russia a bank for fintech firms is born

The first Russian bank to receive a license in four years is a credit institution created specifically for fintech and e-commerce companies. Jane Connolly reports it. Bank 131, that is its name, won’t employ traditional business models, open offline branches or provide ATMs. The Banking Tech website explains that the bank may consider servicing individuals in the future. The reference market has a value of 8 billion dollars and among the objectives there is also the application of the Bank-as-a-Service (BaaS) model, customising the solution for each client.