Tinkoff Bank has opened a fintech development hub at the Skolkovo innovation centre in Moscow, Russia.

The new centre will focus on developing new business platforms based on blockchain technology.

The research team at the hub will also focus on developing biometric voice and face recognition technologies to improve the security of financial transactions.

Tinkoff Bank said that the ideas and prototypes created at the fintech hub will serve not only to support the bank’s day-to-day operations, but also to promote new technologies for mainstream use in business.

The bank added that it has already collaborated with a number of existing residents of the Skolkovo Foundation’s IT cluster.

Tinkoff Bank VP and CIO Vyacheslav Tsyganov added: “Skolkovo has everything needed to develop some truly disruptive initiatives. New development teams are already being created and are in the acceleration stage taking part in some of the Bank’s existing projects. They will be able to proceed on their own at Skolkovo in the coming weeks.”

Skolkovo director of business development and industrial partners, IT cluster, Sergey Dutov, said: “Tinkoff Bank is quick and consistent in pursuing its technology initiatives. As recently as in June, Oleg Tinkov attended the annual start-up forum and signed a cooperation agreement with the Skolkovo Foundation.

“And now, surrounded by hundreds of start-ups, the newly established hub will begin developing blockchain solutions ready to be used in the Bank’s own day-to-day operations and by other businesses.”