Backbase launches digital-only bank in Russia

Backbase, a multi-platform digital banking firm, has partnered with OTP Bank to create Touch Bank, a new digital and mobile-only bank in Russia.

Touch Bank is specifically targeting young, digitally savvy professionals who no longer have time to visit a traditional bank, with its CEO highlighting that banking in Russia is entering a new digital era.

‘‘It’s time for banks to transform,’’ said Andrei Kozliar, CEO of Touch Bank. ‘‘Banks have to work simpler, faster, and smarter to keep up in today’s digital world.’’

Touch Bank provides a range of financial services for Russia’s digitally inclined customer base, including deposits, loans, mobile top-ups, transfers and digital payments.

‘‘We want to create a bank that delivers ease of access via internet or mobile, and gives you full control over your finances with just one touch. That is Touch Bank. And in Backbase, we found the ideal partner to make our new banking vision reality,’’ continued Kozliar.

Russia is starting to adopt alternative forms of banking and finance. In June, Payment Eye reported that a meeting between Russia’s central bank and the nation’s financial representatives is set to take place, as they discuss the use of bitcoins in Russia.

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