Daily Management Review

Sberbank Enters Into Autonomous Driving Technology


Taking forward, Russia’s digital economic drive, the biggest bank of the country collaborates with Cognitive Technologies.

Sberbank is the largest bank in Russia, which has ventured into “driverless cars” technology as it teamed up Cognitive Technologies, “AI transport developer”.
Both the companies came up with a statement on Thursday, 28 November 2019, to break the news to the world, while informing that the duo have entered into a “legally binding document” for creating a new company which will be named “Cognitive Pilot”.
As per the statement, Sberbank will own thirty percent of the new company’s share while the rest will be with Cognitive Technologies. The deal is likely to complete in December, although no financial details of the deals were disclosed by either of them.
This initiative seems to take forward the “digital economy” of Russia for the “state-owned Sberbank”. Earlier this month, the bank also settled the terms for “a food delivery joint venture with Mail.Ru” while agreeing to purchase “an equity stake in the internet company”.
The new company, reported the statement, will be developing “digital economy projects in transport, agriculture, computer vision and artificial intelligence”. At present, Yandex, the internet giant of Russia is ruling the chart of “Russia’s driverless car market”, while it has tested its automated driving technology on the road of “Moscow and Israel”, besides it has also obtained a license for carrying out its tests in the United States in the summer of 2020.
Moreover, Yandex also reported to have begun its testing phase for “autonomous delivery robots”.
The new venture will be headed by Cognitive Technologies’ founder Olga Uskova. As per Reuters, Uskova’s “company builds components for driverless vehicles, as well as developing autonomous control systems for agricultural machinery, trains and trams”.
Some of the clients of the said company are “Hyundai Mobis, Russian Railways and Rusagro”, the latter being an agricultural firm of Russia. However, Sberbank has also informed that it has come to an agreement about transferring its “golden share” of Yandex to “a new public interest company proposed by Yandex”.