As per the news, the venture building arm of the global investment firm Digital Horizon reports the sale of controlling stake in a blockchain trade finance platform Factorin to Mobile TeleSystems PJSC, Russia’s biggest mobile operator and a popular digital and media service provider. Factorin is a two-year old Blockchain-based trade finance platform whose worth was estimated at $23 million.
As per the research conducted by WTO, Factorin is one of the main early stage international blockchain projects for trade and the leading provider of trade finance services in Russia. Factorin’s innovative channel facilitates a range of comprehensive solutions for supply chain financing by digitizing the finance related operations between the importers, exporters and banks. The platform is also a well-established name in providing factoring and other trade finance services for prime Russian retailers and their exporters, including Magnit and Dixy Group, and RTC, MTS’s own retail network. In present, over 40 banks and factoring providers and over a thousand organizations – both exporters and importers – are working with Factorin. Since its establishment in 2019, the platform has provided its financing offerings to over 1.6 million supplies worth over $3 billion.
As per Alan Vaksman, Co-Founder and Managing Partner at Digital Horizon, “The upcoming financial infrastructure will be backed by blockchain-based solutions. In the coming years, distributed ledger technologies will contribute towards safe rails to boost trade finance, settlement, custody, and payments overall. Factorin is one of the prime endeavors that are assisting to witness that future into present business. The blockchain technology which is being provided by the platform addresses real business issues, while handling millions of transactions in an exceptionally safe and confidentiality-aimed environment. I am glad that MTS is helping us in this mission and began this strategic path to aid the quick development of this asset. ”
Ilya Filatov, MTS VP for Financial Services and MTS Bank CEO said, “This arrangement is one more significant step towards the development of digital products and upgraded administrations for our B2B clients. Factorin is not only a quickly developing and innovative trade finance platform, it facilitates novel contributions that fully takes advantage of all the benefits of blockchain technology. I am sure that the addition of Factorin into MTS Group will speed up our growth and further reestablish the organization’s leading position.”
Andrei Maklin, the Founder of Factorin, “Factoring is utilizing the latest technologies to facilitate our clients a full range of cutting edge trade financing solutions. These are basically new products that would be difficult to reproduce using traditional technologies.