Based out of Russia, the VTB Bank and Rostelecom (a digital services provider) have united to form a new company as a joint venture called Big Data Platform. With this new venture, the companies aim to focus better on development and earn revenue from products established through big data processing, inclusive of machine learning and AI technologies.
The joint venture is set be equally managed by both entities. They also plan to hire board of directors to take responsibility and work for its strategy development.
Deputy President and Chairman of VTB Bank management board, Vadim Kulik, mentioned:
- A core team is being created to take control along with building the strategic roadmap for the platform’s products and services
- We have merged our efforts with Rostelecom and are focusing on producing market solutions for a variety of business segments
- Additional details about the specific products and services by the joint venture will be announced at a later date
- Our plans are to significantly expand the range of Big Data products on offer in the Russian market by combining cutting edge technology and expertise
As per both entities, the new venture is expected to be engineered on an open platform and can be accessed via API. Additionally, it will permit users to access products and services for specific needs and behaviors.
The joint venture has plans to launch the pilot versions before the end of 2020.
Alexander Aivazov, Rostelecom Vice President for Business Development, states, “The Big Data market is just taking shape. In the modern world, companies need to pre-emptively and promptly respond to the continuously growing volumes of information that needs to be processed. We hope that the expertise and resources brought together through this joint venture will allow us to respond to the demands of the market and facilitate the economic growth achieved through the application of data analysis technologies.”