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Report: Yandex teams up with VTB to launch investment platform

Internet and technology company Yandex NV plans to launch a new fintech service in Russia in partnership with state-controlled VTB Bank PJSC, The Bell reported, citing market sources.

The new service, called Yandex.Investments, is Yandex's first major financial project since it sold a 75% stake in online payment platform Yandex.Money to PAO Sberbank of Russia in 2012. The new platform will allow investors, including nonprofessional ones, to purchase shares as well as other securities and financial instruments. With a low initial investment, the service will strive to attract a wide circle of retail investors, the Sept. 13 report noted.

The company's representative told The Bell that Yandex is "constantly experimenting and working with various ideas," but did not provide any specific information.

With focus on nonprofessional clients, the new service might attract attention from the Russian central bank, which is trying to protect retail investors from excessive market risks. The Russian regulator recently proposed legislative measures that would make it more difficult for nonqualified investors to invest in the financial market, with the proposal currently being discussed by the Russian Duma, The Bell said.