Online crediting takes up 90% of Russia’s fintech market, according to the experts of international consulting and audit network Deloitte, Banki.ru reports.

Deloitte lists Russia in the top five digital banking leaders of Europe. According to the network’s report, online crediting is the driving engine of the country’s fintech market.

The report also indicates that online crediting is among the most advanced segments in fintech: Russian online companies issued 67% more loans in 2017 than in previous year.

According to the Deloitte report, the volume of fintech market in Russia made RUB 48bn by the results of 2017. The data for 2018 is yet to be summarized, but preliminary estimations place the volume at over RUB 50bn.

“The outlook for online lending is more optimistic about current situation (compared with other segments of fintech market), but that optimism fates notably when we assess the perspectives of business development for the period up until 2020. It is conditioned by the rather high level of uncertainty in the first place. One in two online lenders mentioned the high level of uncertainty while making strategic decisions during evaluation of the current political and economic situation in Russia,” said Deloitte experts.

In particular, on the sale of -1 to +1 the index of uncertainty stands at -0.23 for the online lending segment (meaning the level of uncertainty is higher than average).

The partner of Fintech section is