VTB and "Rostelecom" register joint venture to work with Big Data
VTB Bank and Rostelecom have registered Big Data Platform, a new company and joint venture which will focus on development and monetisation of products based on big data processing, including artificial intelligence (AI) and machine learning (ML) 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 joint venture brings together innovative technologies and will be built around an open platform that will be accessible via an API to all interested market players, not just the two founding companies. Companies from multiple sectors, such as retail, telecommunications, finance, property development and the public sector, will be able to join the platform. Customers will be able to access products and services based on the specific needs and behaviors of customers in a specific sector or segment. All of the data used will be subject to legitimacy and quality assurance while also being anonymised and encrypted. The first pilot versions are expected to be launched before the end of 2020.
“We are now building our core team that will be in charge, among other things, of the strategic roadmap for the platform’s products and services. Together with our partner, we have consolidated our efforts and are focusing on developing market solutions for various business segments. More details about the specific products and services of our joint venture will be revealed at a later date. We are confident that we will significantly expand the range of Big Data products on offer in the Russian market by combining both our expertise and the technology we use.”
“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.”
President and chairman of VTB Bank management Board Andrey Kostin and Rostelecom President Mikhail Oseyevsky signed a memorandum of partnership between the two companies on 20 November at the VTB Capital Russia Calling! Investment Forum. The preliminary investment into the platform by the two companies is estimated at RUB 1 billion ($12.6 million).