MTS named fintech as the main driver of revenue growth among non-telecom businesses

MTS will continue to develop its fintech business, which is the second largest in the group's revenue structure, MTS CEO Inessa Galaktionova said during the presentation of the group's financial results.

According to her, the revenue of the fintech sector increased in the first quarter by 18.4% year-on-year to 42 billion rubles. It has become the main driver of revenue growth among the group's non-telecom businesses. MTS revenue increased by 15%, to 201 billion rubles. The group's OIBDA increased by 18% and amounted to 72 billion rubles.

"This year we are strengthening the synergy of telecom and fintech services, the number of customers of such services is almost 20 million," Galaktionova said. According to her, such a combination is strategic in nature, and "should bring more opportunities in the future to bring unique products to the market, grow the customer base and revenue per user."

In developing the fintech area, MTS is guided by the global experience, where the telecom operator becomes not only a communications provider, but also a platform for daily digital services, Galaktionova noted. "Combining this infrastructure with financial products makes it possible to reduce the cost of attracting customers, scale services faster and create a single seamless experience for the user," the top manager believes.