Tinkoff Bank launches Russia’s first fully digital mortgage; plans Philippines expansion

Challenger bank Tinkoff has launched a fully digital mortgage offering, which it claims to be Russia’s first.

Tinkoff Bank launches Russia’s first fully digital mortgage; plans Philippines expansion

Tinkoff launches Russia’s first fully digital mortgage

First, Tinkoff customers will be able to refinance mortgage loans extended by other banks. Then, by the end of 2022, Tinkoff plans to launch mortgage loans for primary and secondary housing.

“The refinancing and lending process will be extremely simple and 100% digital,” the digital bank states.

Tinkoff promises full-service support throughout, including making arrangements with Russia’s Federal Service for State Registration, Cadastre and Cartography (Rosreestr).

Customers do not have to visit a Multifunctional Public Services Centre, which is normally standard practice, as Tinkoff handles their mortgage registration while also ensuring that all payments between the buyer and seller are carried out in a secure manner.

All mortgage documents will be signed electronically using an enhanced qualified electronic signature issued by the bank and delivered to customers by a Tinkoff representative at the time and place of the customer’s choice.

Other benefits include a low fixed interest rate for the entire refinancing period; no property valuation report (as the bank does not inspect the properties in question); a monthly insurance fee (instead of a lump sum); and a free Tinkoff Black card.

“Our customers are at the heart of the Tinkoff ecosystem,” says Stanislav Bliznyuk, chairman of the bank’s management board.

“It is them we have in mind when creating new products to meet their needs as fully as possible and help make their lives easier and more comfortable.”

He adds that the bank has received more than 2,000 applications in the first few days of offering the service.

Tinkoff’s international expansion

Elsewhere, Tinkoff is looking to launch in the Philippines and has selected paytech provider BPC for its payments solutions.

BPC’s payment processing company, Radar Payments, will manage the end-to-end payment experience for prospective Tinkoff customers in the Philippines. This includes virtual and physical card production, as well as debit and credit card issuance and management, SmartVista ACS for 3DS secure services, and fraud prevention.

The vendor says Tinkoff chose the firm over its competitors for a number of reasons, “in particular BPC’s extensive local knowledge and experience in the Philippines and across Asia”.

BPC has been active in the country for over 15 years serving banks, neobanks, rural banks, and transport operators.

George Chesakov, international expansion lead at Tinkoff, says the bank’s technology and experience will help it “build the right products, boosting financial inclusion in the country”.

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