The new lending system will provide farmers in Russia with quick access to loans and help Government authorities track investments efficiently

Sberbank Agri

Sberbank to develop new lending module for Russian Government. (Credit: Pixabay/AnnaER)

Sberbank, a bank in Russia, has announced that its subsidiary KORUS Consulting CIS has been selected by the Russian Ministry of Agriculture for the development of a new concessional lending module.

KORUS will design customer scenarios that will be at the core of the new system. With this new system, farmers will be able to quickly access loans, sign deals and submit e-reporting to the government agencies.

The new system will also support government authorities to control budget money and track investment across the regions in an efficient way.

Sberbank corporate business development director Sergey Melamed said: “Sberbank pays special attention to technological transformation and automation of interactions with the Ministry of Agriculture and companies of the agro-industrial complex.

“We have already introduced document exchange with the ministry through interagency electronic interaction system (IEIS) and paperless document exchange between the bank and the customer through the electronic document management service by KORUS Consulting CIS.

“We are ready to share our experience and are happy to take part in the creation of the new soft lending platform for the Ministry of Agriculture. The functionality of the module will have been developed by the end of 2020, while in 2021 a trial operation is scheduled in pilot regions, with all other regions of Russia following suit gradually.”

The new lending system will start offering loans in 2022

The development of the financing module is part of a digital transformation of agriculture and to create a digital services system for agriculture and related industries.

The new lending system is expected to be developed and operational, offering loans in electronic form in 2022.

KORUS Consulting CIS head Sergey Mashurin said: “The development of solutions aimed at digitizing the public sector is one of the areas we find strategically important. Together with Sberbank, we are happy to take part in the project and speed up current business processes by creating the most convenient customer scenario.”