Russian federal proptech and development firm Samolet Group has announced a plan to launch its own digital bank.

The company has already set up a legal arm, Samolet Finansovye Technologii, to establish the new service.

It has also formed a fintech platform to integrate various client financial tools.

Formation of this platform marks the first phase of digital banking project and will act as the base for the company’s services, stated the firm.

The platform will help Samolet to speed up the creation of a network of services based on housing and people’s daily requirements.

It will be headed by the ex-head of MTS Bank’s digital business unit Kirill Gurbanov.

Gurbanov said: “Creating own fintech business is a logical step for the Group in the ecosystem development.

“So far, we have been seeing this trend mostly in e-commerce. Samolet Group will pioneer uniting fintech and proptech in development thanks to our vast expertise in working with big data within our ecosystem: our managing company, the Samolet Plus digital platform, our franchisee partners and other units.

“We are planning to roll out the first products in early 2023. The company is betting big on this new unit – our fintech team will have more than 300 people.”

Samolet’s new bank will develop financial tools for the company’s existing and new customers, including home buyers who are interested in properties and residents of well-known neighbourhoods.

The proposed bank will also help Samolet to forge alliances with small and medium-sized enterprises that offer solutions to a wider section of retail clients.