Russian telecom operator MTS has acquired a controlling stake in the Factorin blockchain platform for trade finance. The transaction amount was 867 million rubles.
According to MTS, the purchase of a 51% stake in the platform will allow the operator to expand the “ecosystem of financial services for business”. Of the spent 867 million rubles, 350 million rubles will go to the development of the platform. 25% of the shares remained with the founder and the Factorin team, and 24% with Digital Horizon.
The Factorin platform, founded in 2019, is used by more than 40 banks and factoring organizations, and more than 1,000 companies carry out trade finance transactions on the platform. Including “Magnet” and “Dixie”. The operator MTS joined the platform at the end of last year.
Blockchain allows you to significantly speed up the process of approving and signing a trade finance deal. It automates document reconciliation and reduces the risk of fraud. Now several companies are developing blockchain platforms for factoring at once, including Sberbank and Vneshekonombank.
“Blockchain for factoring allows you to connect an unlimited number of suppliers and banks while maintaining the confidentiality of information about transactions,” said Ani Aslanyan, an expert of the State Duma Committee on Economic Policy, Industry and Entrepreneurship.
The expert believes that through the acquisition of the Factorin platform, MTS can reduce the cost of certain business processes, and, possibly, even make money on this growing market.
Back in the spring of 2019, MTS began using the IBM blockchain for settlements under roaming agreements with foreign operators.
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