Alfa Bank and Plug and Play to Collaborate on Innovation in Fintech

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Sep 30, 2020, 03:00 ET

FRANKFURT, Germany and MOSCOW, Sept. 30, 2020 /PRNewswire/ -- Alfa Bank has announced its partnership with Plug and Play, the largest global innovation platform headquartered in Silicon Valley. Along with 80 other financial institutions across the United States, Frankfurt, Amsterdam, Milan, Paris, Abu Dhabi, Shanghai, Singapore, and Tokyo, Alfa Bank will join Plug and Play's global ecosystem, leveraging the platform to support its comprehensive digital transformation strategy in the field of fintech.

With this cooperation, Alfa Bank is expanding its contacts to fintech startups on a global scale. The bank has already created the best banking application in Russia, according to Markswebb. Alfa Bank is also developing "A New Generation Branch Network" with recognition based on biometrics and geolocation without refusing live communication with customers. This has allowed them to have a considerable startup network due to its fintech partnerships and continuous innovations.

Vladimir Verkhoshinsky, CEO of Alfa Bank, said, "This collaboration will enhance our network of partnerships in the fintech ecosystem. We have great expectations for the program in terms of scouting of innovative banking solutions for our customers."

"We're thrilled to work with one of the most innovative financial institutions in Russia and expand the possibilities to our startups to do business and expand in new countries," said Saeed Amidi, CEO of Plug and Play.

Plug and Play is a global innovation platform that connects startups, corporations, and investors throughout the world. Its introduction means that both startups and partner corporations can thrive together through investments, pilots, acquisitions, and mutual growth. Plug and Play's network encompasses more than 30,000 startups in various disciplines worldwide, over 400 corporate partners, and a presence in more than 30 locations globally.

"Alfa Bank will be a key factor to our sourcing efforts and is aligned internally to engage with startups from a business development and investment capacity. This will better serve Alfa Bank's clients and help them grow," said Fernando Zornig, Program Director at Plug and Play Frankfurt.

About Alfa Bank
Alfa-Bank is the largest universal privately owned bank in Russia. It has been leading in all banking business segments for 30 years. Alfa-Bank serves more than 543 thousand active corporate clients and 5.7 million active retail customers.

Alfa-Bank is developing according to the phygital model, combining digital innovation with an effective physical presence network, which has 525 offices in Moscow and Russian regions, 900 cities with courier delivery and 27,900 of its own and partner ATMs. The bank is developing "A New Generation Branch Network" with recognition based on biometrics and geolocation without refusing live communication with customers.

Simultaneously, Alfa-Bank is the creator of the best banking application in Russia (according to Markswebb), which is regularly used by 80% of customers (rating on the App Store – 4.9 out of 5; on Google Play – 4.8 out of 5). Our values: the best customer experience, technological leadership, the best employees.

Alfa-Bank became the Bank of the year in Russia 2019 according to The Banker magazine, Best Mortgage Bank 2019 by Global Finance magazine, Best Bank for Premium Clients by Frank Premium Banking Award.

According to IFRS financial statements for 2019, the Alfa Banking Group, which comprises ABH Financial, AO «ALFA-BANK» as well as its subsidiary financial companies, had total assets of USD 59.47 bn, gross loans of USD 39.8 bn, and total equity of USD 8.1 bn. Total comprehensive income for 2019, including net profit and other comprehensive income, increased to USD 1.03 billion.

About Plug and Play
Plug and Play is a global innovation platform. Headquartered in Silicon Valley, we have built accelerator programs, corporate innovation services and an in-house VC to make technological advancement progress faster than ever before. Since inception in 2006, our programs have expanded worldwide to include a presence in over 30 locations globally giving startups the necessary resources to succeed in Silicon Valley and beyond. With over 30,000 startups and 400 official corporate partners, we have created the ultimate startup ecosystem in many industries. We provide active investments with 200 leading Silicon Valley VCs, and host more than 700 networking events per year. Companies in our community have raised over $9 billion in funding, with successful portfolio exits including Danger, Dropbox, PayPal, N26 and Rappi. For more information, visit www.plugandplaytechcenter.com

Media Contact
Allison Romero
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SOURCE Plug and Play