AHML and Tinkoff Bank to unleash digital mortgages in Russia
Russia’s Agency for Housing Mortgage Lending (AHML) and Tinkoff Bank will set up a joint venture to offer online mortgages.
The platform will support automated approvals based on AHML standards, execute loan documentation and issue loans, enable online registration of property transactions with the Federal Service for State Registration, Cadastre and Cartography (aka Rosreestr) – and can be integrated with the systems of other Russian mortgage lenders.
On top of this, the platform will enable borrowers to service mortgage loans, including making monthly payments. Customers will be able to request bank statements and other documents, including insurance contacts, and seek servicing advice.
Alexander Plutnik, CEO of AHML, says an “increasing number of Russians are looking to use mortgage loans to buy a home” and it needs to put in place an “up-to-date solution to make this process as user-friendly and easy-to-use as possible”.
In this joint effort, AHML will focus on creating mortgage products, underwriting, online registration of property transactions and loan origination by the agency’s bank. Tinkoff Bank, in turn, will be responsible for setting up the platform, promoting the service and providing 24/7 customer support.
AI and ML
Staying in Russia, last month, the Moscow Institute of Physics and Technology (MIPT), entrepreneur Oleg Tinkov and Tinkoff Bank managers established a RUB 100 million ($1.7 million) endowment fund to support artificial intelligence (AI) and machine learning (ML) research. The fund has become the largest MIPT endowment, and is an open fund, which means that MIPT alumni joining Tinkoff Bank will be able to contribute to the fund at a later stage.
Tinkov, founder of Tinkoff Bank, says it is “ready to engage in close co-operation and share practical knowledge with universities”. He also reminds people that in the first half of 2017, Tinkoff Bank opened a special Financial Technologies Department in the Phystech School of Applied Mathematics and Informatics at MIPT.
Last year, we had an exclusive interview with Oliver Hughes, CEO of Tinkoff Bank. He talked about its online financial supermarket, maintaining momentum, and how US and UK banks can be occasionally underwhelming.
