Key developments:
In 1H 2023, the market was valued at RUB 79.29 billion, up 17% year-on-year.
The market is almost equally split between accounting, payment systems, and money transfers, with the remaining segments taking up 9% and 5%.
The "Other" segment saw an 80% jump during the period on the back of a bullish cryptocurrency sentiment.When it comes to fintech, the top-3 players were Solar Staff (up 48.3%), QIWI (down 13% vs 2022), and Evotor, an online payments software developer (up 21%).
TYMY, an agent network aggregator, posted the highest revenue growth for the year – 633%. Abanking Digital Office, a developer in the field of online and mobile banking, outperformed others in Q2 2023.
Companies make use of the Faster Payments System (SBP), cryptocurrencies, and digital financial instruments to work around restrictions on cross-border transfers.
The main challenge for the industry is the growing sanctions pressure.
The key trends of 1H 2023 include further growth of payment services and SBP in particular, wider adoption of open APIs, increased popularity of remote and embedded finance, and AI proliferation.
Smart Ranking forecasted the market to grow 30% by the end of 2023.
