On September 30, 2020, Alfa Bank has announced its partnership with Plug and Play, the Silicon Valley-based global innovation platform.

Along with 80 other financial institutions in the United States, Frankfurt, Amsterdam, Milan, Paris, Abu Dhabi, Shanghai, Singapore, and Tokyo, Alfa Bank will join the global plug-and-play ecosystem and use the platform to support its comprehensive strategy of digital transformation in the fintech sector.

Alfa Bank will strengthen its contacts with fintech startups on a global scale. According to Markswebb, the bank has already developed the best banking application in Russia. Alfa Bank is also developing a “new generation branch network” with biometric and geographical recognition, all while preserving live communications with its customers. The bank’s fintech partnerships and continuous innovation have allowed it to build a sizeable network.

Vladimir Verkhoshinsky, the CEO of Alfa Bank, said, “This collaboration will expand our network of partnerships in the fintech ecosystem, and we have high expectations of the program in terms of scouting innovative banking solutions for our customers.”

“We’re thrilled to work with one of the most innovative financial institutions in Russia and expand the possibilities to our startups to do business and expand in new countries,” said Saeed Amidi, CEO of Plug and Play.

Plug and Play is a global innovation platform that connects startups, companies, and investors worldwide. It allows for both startups and partner companies to collaborate through investment, pilot projects, acquisitions, and mutual growth. The Plug and Play network includes more than 30,000 startups in various disciplines worldwide, over 400 corporate partners. It is present at more than 30 locations worldwide.

“Alfa Bank will be a key part of our procurement efforts and will be internally focused on engaging with business development and investment capacity startups to better serve Alfa Bank’s customers and help them grow,” said Fernando Zornig, program director at Plug and Play Frankfurt.