“Transforming Data: VTB Bank and Rostelecom Launch Innovative Big Data Joint Venture”

Russia’s VTB Bank and Rostelecom have joined forces, investing a remarkable $12.6 million to establish a collaborative venture focused on the innovation and monetization of products harnessing Big Data processing. This includes cutting-edge technologies such as artificial intelligence and machine learning.
The joint venture will operate under a shared management model, featuring a board of directors composed of three representatives from each company, tasked with shaping the strategic direction of the initiative.
At the heart of this venture will be an open platform, easily accessible through an API for any interested market participants. This will empower customers to tap into products and services tailored to their specific needs and behaviors across various sectors and segments.
The initial pilot projects are anticipated to roll out by the end of 2020.
Alexander Aivazov, Rostelecom’s vice president for business development, expressed excitement about this burgeoning market, stating: “The Big Data market is in its nascent stages. In today’s fast-paced environment, it’s essential for businesses to proactively address the ever-increasing volumes of data that require processing. We believe the combined expertise and resources of this joint venture will enable us to meet market demands and support economic growth through advanced data analysis technologies.”

Russia’s VTB Bank and Rostelecom have joined forces, investing a remarkable $12.6 million to establish a collaborative venture focused on the innovation and monetization of products harnessing Big Data processing. This includes cutting-edge technologies such as artificial intelligence and machine learning.
The joint venture will operate under a shared management model, featuring a board of directors composed of three representatives from each company, tasked with shaping the strategic direction of the initiative.
At the heart of this venture will be an open platform, easily accessible through an API for any interested market participants. This will empower customers to tap into products and services tailored to their specific needs and behaviors across various sectors and segments.
The initial pilot projects are anticipated to roll out by the end of 2020.
Alexander Aivazov, Rostelecom’s vice president for business development, expressed excitement about this burgeoning market, stating: “The Big Data market is in its nascent stages. In today’s fast-paced environment, it’s essential for businesses to proactively address the ever-increasing volumes of data that require processing. We believe the combined expertise and resources of this joint venture will enable us to meet market demands and support economic growth through advanced data analysis technologies.”