MTS bought a controlling stake in the platform on the Factorin blockchain – Bits Media

Russian telecom operator MTS acquires a controlling stake in Factorin blockchain platform for trade finance. The transaction amount was 867 million rubles.

According to MTS, purchase 51% platform shares will allow the operator to expand the "ecosystem of financial services for business". Of the spent 867 million rubles, 350 million rubles will be spent on the development of the platform. 25% shares remained with the founder and the Factorin team, but 24% у Digital Horizon.

Factorin platform, founded in 2019 year, enjoys more 40 banks and factoring organizations, and more than 1,000 companies carry out trade finance transactions on the platform. Including "Magnet" and "Dixie". MTS operator joined at the end of last year
to the platform.

Blockchain can significantly speed up the process of approving and signing a trade finance transaction. It automates document reconciliation and reduces the risk of fraud. Now several companies are developing platforms on the blockchain 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 the expert of the State Duma Committee on Economic Policy, industry and entrepreneurship Ani Aslanyan.

The expert considers, that thanks to the acquisition of the Factorin platform, MTS can reduce the cost of certain business processes, and, perhaps, even make money in this growing market.

Back in the spring 2019 year, MTS began to use the IBM blockchain n for mutual settlements under roaming agreements with foreign operators.