Russia’s Sberbank to sell VisionLabs stake to Sistema: Sources

MOSCOW: Russia’s biggest bank Sberbank plans to sell its 25% stake in biometrics company VisionLabs to Sistema to focus instead on its investment in rival group Speech Technology Center, two sources close to Sberbank and Sistema told Reuters on Tuesday.

Sberbank controls Speech Technology Center, which competes with VisionLabs in the face and voice recognition business. This business is booming in Russia where biometric technology is being used to facilitate payments in the Moscow metro or in food shops. The technology is also used for security and other public-to-private needs.

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