Russian developer Samolet to launch own digital bank

MOSCOW. Oct 18 (Interfax) - Russian developer Samolet plans to launch its own digital bank.

The group has set up a company for this purpose, Samolet Financial Technologies, according to the Unified State Register of Legal Entities. It is headed by Kirill Gurbanov, the former head of the digital banking business at MTS Bank .

Samolet told Interfax that the new bank will initially provide services using the infrastructure of partner companies, but plans to transition to its own solutions in future.

The first users of the bank's services will be Samolet customers - homebuyers who are waiting for the completion of their apartments and residents of already occupied developments. In future, the bank might expand to other consumer markets.

Near-term plans include launching a loyalty program based on virtual cards or accounts; solutions for convenient payment for housing and utility services and the services of the property management company; insurance services; products for investors in residential real estate; apartment rent-to-own solutions and so on.

"The creation of our own fintech is a logical step in the development of the ecosystem. We see such examples, primarily in the e-commerce sector," Gurbanov was quoted as saying by the company's press service. "We plan to launch the first products at the beginning of 2023," he said.

Samolet Group ranks second in Russia by the amount of current construction. Its largest shareholders are Mikhail Kenin and Pavel Golubkov. The company's shares have been traded on the Moscow Exchange since the fall of 2020.