Fintech in Russia is growing alongside digital platforms
Russia’s fintech sector is expanding in step with the rapid growth of digital platforms, which now account for an estimated 5% of the nation’s GDP. As marketplaces evolve into complex ecosystems with unified IDs, loyalty programs, and embedded finance, they are becoming key engines of economic activity and innovation.
A Majority of Consumers Already Onboard
According to Eduard Issopov, Chairman of the Management Board at MTS Bank, widespread digital adoption is accelerating the transformation of Russia’s platform economy. Most Russian consumers regularly use marketplaces, making them highly attractive entry points for banks and fintech companies.
Financial services are increasingly embedded directly into user journeys—covering purchases, money transfers, subscriptions, and more. This design philosophy enables customers to solve financial tasks at the very moment they arise while simultaneously improving user acquisition and retention for platforms.
Banks Go Fully Digital
MTS Bank is developing a deep-integration model within the broader MTS ecosystem, distributing its financial products through the digital storefront “My MTS.” This integration grants the bank access to a vast consumer base and increases the frequency of user interactions.
As a result, ecosystem channels have grown to account for 45% of all new customer acquisitions over the past year—a clear indication that digital distribution has become essential for scaling modern financial services.
Digital Assets and Embedded Finance
New financial tools are receiving heightened attention—BNPL (buy now, pay later) mechanisms, QR payments, and digital financial assets among them. Their rollout is strengthened by the active use of artificial intelligence, from credit-scoring models to personalized offers tailored to user behavior.
As these technologies mature, fintech services could surpass 23% of total revenue within major digital ecosystems—a figure that is already significant and is expected to continue rising as users grow more comfortable with embedded finance solutions.
