Russian financial institutions, MasterCard select 12 fintech startups for accelerator

Earlier in February, four Russian banks teamed up for a fintech lab and accelerator in collaboration with MasterCard and Accenture in order to foster the development of new banking products and services.

Now, the Russian financial institutions and MasterCard have picked 12 fintech startups for Moscow Accelerator. The partners will offer mentorship and guidance through the acceleration program.

The program will commence on June 5 and will last for 12 weeks, focusing on finance industry and bank integration specific, along with regulatory context and information security requirements, Finextra reported. Tech giant Accenture will be providing with strategic consulting for the program, after having experience in hosting fintech accelerators in London, Dublin, New York and Hong Kong.

The growing fintech startups that are selected for the program include 1C-SIM, a mobile identity and e-signature verification platform; Insurion, a platform for buying travel delay insurance; Rubbles, AI-based platform to personalize banking services for end-users; M4B, online receivable based financing service for e-commerce; among others.

The partners with the fintech lab will be implementing pilot projects with the participants of the program after their graduation.