Sberbank and ExactFarming online service sign cooperation agreement Sberbank and ExactFarming signed a cooperation agreement at the 21st Saint Petersburg International Economic Forum. The document was signed by Sberbank’s Senior Vice President and Head of Sberbank CIB1 Igor Bulantsev and CEO of ExactFarming Anton Khaimovsky.
The agreement envisages cooperation between Sberbank and ExactFarming in the provision of financial services for agricultural producers. ExactFarming is a cloud service for managing agricultural companies using big data, the internet of things, and machine learning. The service aggregates information about the standing of an enterprise and helps agricultural producers make more exact and well-grounded decisions to effectively manage the production process.
The parties plan to launch a joint pilot project this year to test the technology. If the pilot project is successful, a commercial version of the project will be launched next year, and the service will be made available to the Bank’s clients and users of ExactFarming.
Users of ExactFarming will be able to use the information aggregated in the system to prove the results of their activities and their solvency while taking out a loan or buying an insurance policy.
“Our goal is to make financial services more accessible to agricultural producers,” said CEO of ExactFarming Anton Khaimovsky. “Banks traditionally see crop farming as a very risky area for lending. We provide farmers with an opportunity to show the bank that their business is stable.”
“We are trying to actively implement innovations and expand the possibilities of using digital technologies in the Bank’s operations,” said Sberbank’s Senior Vice President and Head of Sberbank CIB Igor Bulantsev. “Cooperation with ExactFarming will allow us to test digital agriculture technologies for more effective work with agricultural businesses that are clients of the bank. I am sure that by using modern digital technologies we will help our clients build solid and sound businesses.”
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Sberbank is Russia’s largest bank and a leading global financial institution. Sberbank holds almost one third of aggregate Russian banking sector assets, it is the key lender to the national economy and the biggest deposit taker in Russia. The Central Bank of the Russian Federation is the founder and principal shareholder of Sberbank owning 50% of the Bank's authorized capital plus one voting share, with the remaining 50% held by domestic and international investors. Sberbank has more than 145 million customers in 22 countries. Sberbank has the largest distribution network in Russia with almost 15,000 branches, and its international operations include UK, US, CIS, Central and Eastern Europe, India, China, Turkey and other countries.
Sberbank CIB1 is the corporate and investment banking business of Sberbank. Its key areas of activity are corporate finance (including trade finance), the documentary business2, investment banking services, trade operations with securities, and private equity. Sberbank’s corporate and investment banking business provides integrated financial solutions and investment advisory services to its clients, which include major corporations, financial institutions, sovereign states and federal and sub-federal government bodies and organisations.
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