According to Interfax, Yandex Bank will test transactional retail banking products in the first half of 2022, and will start testing the issuance of retail credit products in the second half of the year.
Yandex disclosed that its bank will support the transaction services of the IT holding and issue products to those who are currently limited in their receipt, for example, self-employed taxi drivers and couriers. Now the management of the bank and the company has focused on the formation of the necessary banking infrastructure, including payment solutions, processing and integration with international payment systems.
Yandex clarified that the company is now implementing the processes required for a financial organization by regulatory authorities, including bank financial accounting, compliance, treasury, and so on. The company is also developing its own risk management and credit scoring solutions based both on banking practice and on the basis of Yandex machine learning tools and anonymized data.
The Yandex Bank website is currently under development. Yandex has big plans for this project. The company planned to increase the fintech team several times. Yandex continues to look for developers and other cool specialists for this area. The company offers salaries at market level and above. Moreover, the work is not remote - in Moscow and St. Petersburg, but Yandex is ready to help with the move.
On April 29, 2021 "Yandex" announced the conclusion of the agreement on purchase of Akropol bank for 1 billion rubles.
On July 16, 2021 "Yandex" announced successful closing of the transaction on purchase of Akropol bank after obtaining approval of the regulator — Bank of Russia. Yandex Bank is 100% owned by Yandex.Market LLC and Yandex.Market Lab LLC.
On September 28, Yandex renamed Acropolis Bank to Yandex Bank JSC and announced that it was gathering a development team for the bank. The company wrote about this in the new Telegram channel of the Yandex Fintech direction and on a separate page of its bank's website.
In November, the media reported that Yandex, after the purchase, invested 500 million rubles in its bank and will continue to increase its assets. The net loss of Yandex Bank for 9 months according to RAS amounted to 105.4 million rubles.
On December 13, Yandex appointed the chairman of the board of Yandex Bank. It was Mikhail Gromov, who was a member of the board of DOM.RF bank and worked as an IT director of the international block of Sberbank International.
At the end of December, Yandex disclosed that it plans to issue loans to self-employed couriers and drivers through Yandex Bank in 2022.
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