The CarMoney fintech service in Russia, known for issuing car-secured loans, has made a unique move in the microfinance sector by releasing digital financial assets (DFAs). This marks the first implementation of such an instrument in this market segment.
CarMoney’s press service has confirmed that all the digital assets were fully purchased by multiple investors and firms. The placement of the DFAs took place on the Tokeon platform, as reported by Vedomosti.
This is the first time DFAs have been released in Russia’s microfinance market, showcasing the innovative approach of CarMoney.
The parent company, Smarttechgroup (STG), which is connected to various fintech services, experienced a 0.2% rise in shares compared to the previous session’s closing, reaching RUB 2,275 at 12:07 Moscow time. At the same time, the Moscow Exchange index stood at 3110.53 points, a 0.51% increase. Since the trading of STG shares began on July 3, their value has dropped by 31.28%, while the benchmark has risen by 44.4%.
The volume of DFAs issued by CarMoney amounted to 40 million rubles, with a circulation period of three months. The tokens are designed to be similar to bonds, featuring a short circulation period and a fixed coupon. The IFC “Solid” organized this release.
The owners of CarMoney DFAs will receive monthly coupons with an annual interest rate of 18%, and upon asset repayment, they will receive 100% of the nominal value.
By opting for the issuance of digital assets, CarMoney aims to test a new liquidity tool for working capital. The company intends to regularly release DFAs in the future, as stated by Artem Saratikyan, the director of corporate finance management.
CarMoney’s shares were listed on the Moscow Exchange on July 2, with a placement volume of 600 million rubles. The company’s capitalization was estimated at 7.9 million rubles at that time but has decreased to 5 billion rubles (-36.71%) since then.
Market projections suggest that the volume of Russia’s digital assets market could reach 5 trillion rubles by 2027. The figure is expected to reach 60 billion rubles by the end of 2023, and 250 billion rubles by next year.
Experts in the market anticipate an increase in the number of operators of information systems alongside the overall growth of digital assets. This is driven by a rising interest among companies in issuing their own DFAs. Currently, the information systems register includes ten legal entities and three banks.
The State Duma of Russia is presently reviewing changes to tax legislation in light of these developments.