Ex-co-heads of TCS Group (Tinkoff lead entity) Oliver Hughes and Pavel Fyodorov are working on a new fintech project Kinetic Finance which will operate in Asian markets. The operation will start from Philippines and will be launched by the end of 2022.

“In the future, Kinetic Finance may expand into other markets,” Group’s representative told RBC.

Bloomberg earlier reported that Fyodorov and Hughes were planning to found a fintech company targeting the developing Southeastern Asian markets.

Fyodorov had told the agency that they were raising funds with venture companies and sovereign funds to complete the round by June.

Later in March it became known that Hughes and Fyodorov left the TCS Group (owner of Tinkoff bank, Tinkoff Insurance and other actives) and moved to the United Arab Emirates for permanent residence.

Tinkoff bank representative explained to RBC that it is not about bank leadership but about leaders of holding structure in Cyprus. The representative added that the UAE is Russia-friendly country which is becoming “a convenient area for the work of the international businesses.”

In spring 2021 Tinkoff stated about plans to enter international markets and in August 2021 it became known that the company is planning to open a digital bank in Philippines with a share capital of about $60 million.

Hughes told then that the group may enter Philippines with different products including with services for small and medium-sized businesses, credit cards, Tinkoff Black debit cards, broker, etc.

“But we need to gather a team there, to build a platform, import from Russia components of Tinkoff technological platform. It is impossible to build a whole new bank without expansion of the management team,” he had told.

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