As well as advancing into media with a Netflix style streaming service Mr Kreynin explained Sber had made “confident steps” in e-health, offering services to book appointments with doctors and provide pharmaceuticals.

Sber’s expansion is driven partly as a response to the growing challenges facing the traditional banking model.

“We saw what happened in Europe where the banking margin is decreasing and many services are disrupted by FinTechs” said Mr Kreynin.

“Classical banks suffer a lot of pressure.”

Mr Kreynin explained there was “a great opportunity to convert (Sber’s) business model from the classical traditional bank.”

He believes the ecosystem option is best suited to banks with a global presence and dominant market share who can use their position to transform into big tech companies.