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Finance and Management
Reference:

Formation and development of digital ecosystems based on technological and telecommunication companies in Russia

Mamedov Murad Azer ogly

ORCID: 0000-0003-2751-8283

PhD in Economics

Department of International Finance, Moscow State Institute of International Relations of the Ministry of Foreign Affairs of Russia (MGIMO of the Ministry of Foreign Affairs of Russia)

119454, Russia, Moscow, Prospekt Vernadskogo, 76

murad.mammad15@gmail.com
Other publications by this author
 

 
Mamedov Tural Fakhrad Ogly

General Director, Trading-BT LLC

109316, Russia, g. Moscow, Volgogradskii prospekt, 47, of. 403

tural@tradebt.su

DOI:

10.25136/2409-7802.2022.3.38053

EDN:

LSPZQN

Received:

12-05-2022


Published:

13-07-2022


Abstract: The process of active digitalization plays an important role in solving a number of urgent tasks, and, in particular, in the field of finance. Together with the development of innovative information technologies and their implementation in all spheres of the economy, multiple optimization of the processes of rendering services, significant changes are observed not only in the types and methods of providing services, but also in general transformation of business models of operating economic entities. The object of research of this article is digital ecosystems based on technological and telecommunication companies. The subject of the research is the principles and models of functioning of digital ecosystems based on technological and telecommunication companies. The relevance of this study lies in the fact that in the conditions of universal digitalization, the boundaries of the services provided by the largest market participants are not only blurred, but their business models are also changing significantly. Within the framework of this study, the authors have revealed approaches to the definition of the concept of ecosystem. The analysis of the largest Russian digital ecosystems based on technology and telecommunications companies, and, in particular, their financial services, is carried out. The analysis was carried out on the basis of such digital ecosystems and their financial services as Yandex, VK Group and MTS. Conclusions are drawn based on the analyzed data and the author's forecasts about the further development of financial services of digital ecosystems based on technological and telecommunications companies are given.


Keywords:

ecosystem, business ecosystem, digital ecosystem, financial services, financial products, finance, telecommunications companies, technology companies, digital ecosystem services, financial sector of the economy

This article is automatically translated. You can find original text of the article here.

Introduction

Deep digitalization has an active impact on all production processes and activities in the economy. The growing value of data and digital technologies is reflected in their high market capitalization, and their growing role has far-reaching consequences for all economic activity [12]. The digital economy is becoming an integral part of global economic processes, being the engine of growth and development of companies [8]. In this context, the intangible assets of companies, information software tools that allow managing the company's value chain at each stage of the development and implementation of products and services come to the fore. The largest companies against the background of universal digitalization not only create new services, products and services to meet the needs of their customers, but also actively work on the transformation of their business models [2]. One of such innovative business models is the digital ecosystem.

The relevance of the research topic lies in the fact that despite the presence of a large number of separate studies on financial and banking services, including those provided by non-core organizations, as well as studies on digitalization, development and active implementation of financial technologies in the activities of individual organizations, there is no comprehensive analysis of the activities of digital ecosystems formed on the basis of technology and telecommunications companies. According to the authors, in the medium and long term, digital ecosystems, including their financial services, can have a significant impact on the paradigm shift in the provision of financial services and the financial sector of the economy as a whole. However, the main problem in this case is competition with traditional market participants who have both significant expertise in their field and a strong brand and a large customer base. Under the current conditions, the noncore companies under consideration - digital ecosystems that develop financial products, services and services are forced to rely on their strengths to resort to non-traditional forms of development, including by meeting the financial needs of an existing customer base, as well as due to a large and quite diverse pool of services provided. The purpose of the article is to study the directions of development of digital ecosystems based on technological and telecommunications companies in Russia and to determine the validity of the development of companies by building and developing digital ecosystems. The purpose of the study will be achieved by solving the problem of studying the structure of digital ecosystems, including financial services of companies such as Yandex, MTS and VK Group. The methodological basis of the study was the scientific works of foreign and Russian researchers, financial and operational reports of these companies. The methodological basis of the research consists of analysis, synthesis, ascent from the abstract to the concrete, logical and historical method, as well as other general scientific methods. Among the specific economic methods, the authors used the analysis of statistical data. The scientific novelty of the article lies in the study of the features, stages and directions of the development of digital ecosystems based on technological and telecommunications companies in Russia.

Literature review

Before directly analyzing the activities of digital ecosystems based on technological and telecommunications companies in Russia, the authors consider it necessary to study some aspects of ecosystem theory and thereby determine the degree of elaboration of the topic of the article. The concept of ecosystem has long existed and is actively used in biological sciences and was used for the first time in scientific doctrine in a study by British botanist and ecologist Arthur Tensley entitled "Use and abuse of plant concepts and terms", who introduced the concept of ecosystem to denote the unity and integration of the biological community and its physical environment as a fundamental unit of ecology [13]. The development of the concept of ecosystem in the humanities is primarily associated with socio-economic changes observed in the second half of the 20th and early 21st centuries [7]. In particular, the impetus for such changes was the disintegration processes that began to occur as a result of new trends in industry, microelectronics, as well as in information and communication technologies and subsequent integration processes in the economy [15].

In the humanities , the concept of ecosystem was first formulated in the sociological sciences by A. Haley in 1986 . An ecosystem has been defined as: "interdependence in a population in which everything acts as a whole and thus maintains viable ecological relationships" [14]. The first economic definition of the ecosystem concept was formulated in 1993 by Harvard University Professor J. F. Moore, as follows: "firms should not be considered as separate members of one industry, but as members of a business ecosystem consisting of firms of various industries, as well as biological ecosystems, since developing over time they have an impact on each other. a friend of influence in terms of innovation, cooperation and competition" [16]. According to the authors, J. F. Moore almost completely transferred the biological concepts of the competitive environment to economics. Researchers M. J. Jacobides, K. Kennamo, A. Gaver distinguish two main approaches in the literature on the definition of the concept of ecosystem. In the first approach, the ecosystem is considered as a group of organizations to a certain extent, interdependent with respect to factors of production and output, and in the second approach, as a system of interconnected technologies [15]. In this case, it is worth noting that these researchers consider the ecosystem as a whole, without paying due attention to the narrower concept of a business ecosystem or a digital ecosystem. Another researcher who has made a significant contribution to the development of ecosystem theory can be called R. Adner, according to whom the study of ecosystems can be divided into two main areas: ecosystems as affilations (ecosystems as affiliation) and ecosystems as structure (ecosystems as structure). In this case, the ecosystem, as an affinity, focuses on the destruction of traditional industry boundaries and the growth of interconnections and symbiotic relationships between companies, both within the same industry and at the intersectoral level. In the case of an ecosystem as a structure, emphasis is placed on the study of the creation of a value proposition and actors who need to interact to achieve a certain value proposition. R. Adner, unlike other researchers, proposed the study of ecosystems at the level of the ecosystem structure, separating this study from the macro and micro levels of ecosystem analysis. R. Kapoor defining the concept of ecosystem considers the relationship between the the supply and demand side of the main value proposition, as well as consideration of actors from various sectors of the economy who contribute to the development of this value proposition by the most important factors characteristic of ecosystems, and also notes the high complementarity and interdependence between ecosystem actors [11]. R. Kapoor also studying the ecosystem at the level of its structure determines the importance of a single value proposition, which should be at the forefront of the development of ecosystems. Among Russian scientists, a special place should be given to the research of G. B. Kleiner, the most important factor of the ecosystem, who considers the interaction between the "notebook" - an object subsystem in the form of a cluster, an environmental subsystem in the form of a platform, a process subsystem in the form of a network, a project subsystem in the form of a business incubator [5], in turn, which is capable of long-term independent functioning due to the circulation of goods within the system [6]. According to the authors, all of the above approaches to the definition do not take into account the Russian realities of the formation and development of digital ecosystems directly. Therefore, it is also worth noting the definition given in the Report for public consultations of the Bank of Russia, which explains the concept of a digital ecosystem [17]. According to the authors, in the conditions of universal digitalization, it is necessary to be based on a narrower concept a digital ecosystem and, in turn, define a digital ecosystem as a set of companies, services and products (including from different sectors of the economy) interdependent and mutually complementary, united around one organization, including a platform for more effective satisfaction of the needs of the end user. the recipient of benefits and increasing their own competitiveness in the market, within the framework of a single seamless integrated process. Also, according to the authors, from a practical point of view, a complex or universal digital ecosystem should meet the needs of its audience in four main areas: finance, information technology, entertainment, daily needs (life-style services) [1]. Thus, having studied the approaches to the definition of the concept of ecosystem, it can be concluded that the topic of the formation and development of ecosystems is insufficiently developed, in the Western literature the concepts of ecosystems, business ecosystem and digital ecosystem are interpreted by different researchers depending on the objects of research, and in the Russian doctrine only occasional attention is paid to these concepts.

Conditions for the formation and development of digital ecosystems in the world and in Russia.

Traditionally, five American technology companies are considered the largest international digital ecosystems: Google, Apple, Facebook, Amazon and Microsoft (the so-called GAFAM) and two Chinese ones: Alibaba and Tencent, also Baidu (the so-called BAT) can be attributed to Chinese digital ecosystems. These technology companies, due to high digitalization and a large pool of services that satisfy a significant part of their customers' needs within their own ecosystem, have both positive financial results and a significant client audience. For example, Amazon Inc., one of the largest American and global digital ecosystems, was established in 1994 as an online bookstore. Today, the digital ecosystem of Amazon Inc. consists of a large number of different services. The central link of the ecosystem is the e-commerce platform, however, a number of services also have a significant share in both the company's revenue and profit, as well as in audience engagement. AliBaba Group, in turn, is the largest Chinese and also one of the world's largest digital ecosystems. The company was established in 1999 as a trading platform for small and medium-sized enterprises. The AliBaba Group ecosystem currently includes more than 700 different services and companies.

Speaking about the world's largest digital ecosystems, it is worth noting that initially historically digital ecosystems, in particular those formed on the basis of technology companies, were not interested in traditional financial products, since financial markets, as a rule, are characterized by low margins and are largely regulated. Entering the financial market for such digital ecosystems implies an additional dialogue with financial regulators, as well as work on additional risks not provided for by the business model. However, the functioning of a full-fledged digital ecosystem, in particular, the need for seamless provision of services, improvement and expansion of services provided requires the availability of financial products, which at first are usually complementary in nature within the business. It is also particularly worth noting the transactional data about consumers received by the digital ecosystem during the use of financial services by consumers. The main financial services in the framework of digital ecosystems are payments for purchases of goods and services and P2P transfers, further we can call lending, insurance and investment services, account management services [10]. The types of financial services provided in digital ecosystems directly depend on the geographical model of ecosystems. Financial services can be provided through partner companies of the digital ecosystem, as well as through various intermediaries, which is inherent in the American model. The availability of own financial services within the digital ecosystem, in turn, reduces transaction costs, this approach is used in the Chinese model.

According to the authors, the peculiarity of the Russian model of the formation and development of digital ecosystems is that it simultaneously moves in two directions: on the one hand, on the basis of and within the banking sector of the economy, and on the other hand, within those technological, telecommunications and other companies that actively use innovative technologies to increase competitiveness.

The general trend of development of the two main areas is to combine services in four main areas: finance, information technology, entertainment, services to meet daily needs (life-style services) into a single ecosystem that can provide a full cycle of user service. But these directions of development differ in that they have different goals and different approaches to achieving it. Banks seek to go beyond the financial services they provide by cooperating, acquiring or creating non-financial companies and services within their own structure [9]. Large technology and telecommunications corporations, on the contrary, create or acquire and integrate banks into their structures to join them to their digital ecosystems. There are many such examples: the company "Mail.ru Group" (VK Group) began to cooperate with "Sber" within its ecosystem, the large telecommunications corporation "MTS" created its own bank "MTS-BANK", the telecommunications company Megafon has MegafonBank, the marketplace "Wildberries" acquired the bank "Standard-Credit" and renamed it to Wildberry's Bank, the Ozon marketplace acquired Oney Bank and renamed it Ozon Bank, and Yandex bought Acropolis Bank and renamed it Yandex Bank [4]. Analyzing the digital ecosystems formed on the basis of credit institutions , it is worth noting the following

According to the authors, three companies can be called full-fledged or universal digital ecosystems forming on the basis of technology companies in Russia: Yandex technology companies and "Mail.ru Group" (VK Group), a telecommunications company "MTS". However, it is worth noting that such major players in the field of e-commerce as Ozon and Wildberries, and telecommunications companies Megafon and Beeline may also announce the formation of digital ecosystems on their basis in the medium and long term, since today they have everything necessary for this, both technological and other practical possibilities.

Analysis of the development of digital ecosystems based on Yandex, VK Group and MTS.

Further, for a deeper understanding of the situation on the Russian market and the practical architecture of Russian digital ecosystems based on technology and telecommunications companies, the authors consider it necessary to analyze the activities of such major Russian digital ecosystems as Yandex, VK Group and MTS. Figure 1 shows a part of the services of the digital ecosystems of Yandex, VK Group and MTS in four main directions, which confirms the universality of these digital ecosystems.

Fig.1. The main directions of digital ecosystems based on technological and telecommunication companies.

Source: compiled by the authors on the basis of data from the companies represented.

*The figure shows only a part of ecosystem services.

Yandex was founded in 1998 and initially operated as a classic Internet search engine. Further, for many years, Yandex's activities were built around media products and services, and the main monetization was achieved through contextual advertising tools. Since 2010, the company's strategy has been aimed at developing a wide range of online and offline products and services, and since 2017, Yandex has announced the formation and development of a digital ecosystem. One of the advantages of Yandex is a single flexible developed technological infrastructure: when launching the next service, all the technologies available in the company, as well as other components of the ecosystem (brand, back office, advertising network) are at the disposal of this internal service. Today, Yandex is the largest technology company in Russia. The Yandex digital ecosystem has more than 90 different proprietary services in four main areas identified by the author of this work, a significant part is represented within its own structure, and there are also partner services, joint services with partner companies and other digital ecosystems. Figure 2 shows a map of the main services of the Yandex digital ecosystem.

Figure 2. Map of Yandex ecosystem services.

Source: compiled by the author on the basis of Yandex operational reporting.

As can be seen from the service map in Figure 2, the Yandex digital ecosystem has a wide and very dynamic range of services, which is being actively supplemented with new products and services. It is worth noting that the Yandex search engine has been the largest in Russia for a long time and occupies an overwhelming market share, being the core of the digital ecosystem, for 2020 and 2021, this market share was 59.2% and 59.8%, respectively. According to the company's own reports, all services can be divided into five major areas: search and portal, taxi (MLU), Yandex.Market, media services and other business units and initiatives.

According to the reports, the total revenue of the Yandex group of companies in 2021 amounted to 356.2 billion rubles, in 2020 this figure was 231.2 billion rubles, the annual growth was 54%, respectively. The company's revenue from the search and portal direction in 2021 amounted to 165.2 billion rubles, which is 32% more than in 2020, revenue from the media services direction amounted to 18.4 billion rubles and became the fastest growing direction with an increase of 136% year-on-year, revenue from the taxi direction amounted to 131.6 billion rubles and became the second largest direction with the indicator is 94% year-on-year.

One of the first Yandex financial services was the Yandex electronic payment service, created in 2002 in partnership with the St. Petersburg company PayCash.Money, at this stage, PayCash provided a technology platform for a joint project. In 2007, Yandex bought out the entire stake in the Yandex service.Money. Since 2012, Yandex.Money became a joint service of Yandex and Sber, and in 2020 it was completely bought out by Sber and renamed YUMOPEU. Since 2015, the Yandex service.Money (YUMOPEU) supports transfers from a wallet to the Western Union system, and since 2017 - Unistream. The service also issues virtual and physical plastic Visa and MasterCard cards. Since the beginning of 2020, the service has been connected to the Fast Payment System (SPB). According to a study by MediaScope and the analytical center NAFI service Yandex.Money (YUMOPEU) in 2016-2020 was the most popular electronic money service and the third most popular electronic payment tool after Sberbank.Online and bank cards [22]. At the end of 2020 in the Yandex service.Money (YUMOPEU) has registered more than 60 million wallets.

After the sale of the share in the Yandex service.I will save money (Humopeu), Yandex has become faced with the need to build new own financial services. To do this, in September 2020, Yandex began negotiations on the acquisition of Tinkoff Bank, but these negotiations ended without results. In 2021, Yandex acquired Acropolis Bank, renamed Yandex.Bank in the same year for 1.1 billion rubles. In addition to the small infrastructure of the bank, Yandex received all licenses, including the universal banking license of the bank. In the same year, Yandex created the Yandex.Pay electronic payment service. According to the company's strategy, Yandex.Bank should become the basis for the development of the company's fintech direction and other financial and credit products and services. According to the authors, at the initial stages, financial services and products will primarily be related to the payment direction, for example, Yandex will focus on creating and issuing its own payment cards, which will allow consumers not only to make payments via debit cards, but also to accumulate various bonuses and have certain privileges when using other services of the digital ecosystem Yandex. Further, taking into account the presence of Yandex services such as Yandex.Market and Auto.<url>, the company will launch its own lending to consumers in these and other services. The main advantage of Yandex is the presence of a large audience, significant data about it and the demand for financial services from this audience. However, it is worth considering such a moment as the presence of a qualified team and expertise in the field of finance, which Yandex does not have today.

The second largest technology company in Russia can be called, founded in 1998, Mail.ru Group, renamed VK Group in 2021. Since its foundation, the company has systematically developed various areas of activity both within its structure and by acquiring various companies and services. Starting from 2016-2017 . Mail.RU Group (VK Group) It is also actively developing the digital ecosystem and today the digital ecosystem is represented by more than 50 different proprietary services in four directions defined by the author. Figure 3 shows a map of the main services of the digital ecosystem Mail.RU Group (VK Group).

Figure 3. Map of ecosystem services Mail.RU Group (VK Group).

Source: compiled by the author based on the operational reporting of VK Group

According to the operating statements of the group of companies itself Mail.RU Group (VK Group) all services of the digital ecosystem can be divided into four main areas, which include the following: social networks and communication services, gaming services, educational technologies and the direction of new initiatives. VK Group also has two large joint ventures: JV O2O Holding together with Beber (VK Group and Beber have equal shares of 45%) and JV Aliexpress Russia together with Megafon, Alibaba Group and RDIF, where VK Group's share is 15%.

According to the statements of VK Group, the company's total segment revenue for the fourth quarter of 2021 increased by 12.4% compared to the same period last year to 37,053 million rubles.. The company's total segment revenue for the whole of 2021 increased by 18.2% year-on-year and amounted to 125,752 million rubles[1].

VK Group has its own payment system VK Pay, created in 2018. In October 2020, VK Pay was connected to the SBP (Fast Payment System) and launched an installment sale product. In March 2021, VK Pay launched a virtual card and an additional bonus program. In June 2021, VTB became VK Pay's partner bank. As of the end of December 2021, the number of VK Pay service users amounted to more than 20 million people. During the whole of 2021, more than 700 million purchases were made using VK Pay, a significant part of which was carried out in installments. In annual terms, the number of installment purchases increased 3.5 times, and the average purchase receipt doubled. It is worth noting that in addition to cooperation with Sber within the framework of O2O Holding, VK Group also cooperates in many financial projects. According to the authors, taking into account the partner vector of development of the VK Group digital ecosystem, the probability of further development of financial services in the short term within the framework of partnership with traditional market participants, which are Sberbank and VTB, is quite high. However, it is also worth considering the fact that financial services themselves are the most important services within the digital ecosystem and the need for high flexibility in their functioning will be a key factor in the medium and long term to fully develop financial services within its own structure by either acquiring directly banking and other licenses or acquiring an existing credit institution with licenses, the existing practice on the market.

The largest Russian telecommunications company is MTS, established in 1993. Over the past ten years, MTS has been systematically increasing various digital services. In 2019, MTS announced the CLV 2.0 (Customer Lifetime Value 2.0) strategy, the formation of a digital ecosystem based on its telecommunications business with a set of products and services also outside telecommunications services. To date, the number of services of the MTS digital ecosystem exceeds 40 main services in four directions defined by the author. Figure 4 shows a map of the main services of the MTS digital ecosystem.

Figure 4. Map of MTS digital ecosystem services.

Source: compiled by the author on the basis of MTS operational reporting.

According to MTS reports, the MTS digital ecosystem can be represented in the form of four main areas: telecommunications services, fintech services, media services and a fairly new direction cloud services [24]. The core of the digital ecosystem remains the main direction of telecommunications services.

According to the operating statements of MTS Group in 2021, the subscriber base in Russia amounted to 80.4 million users, which is 2.5% more than the same indicator in 2020. At the end of December 2021, the number of users of the My MTS application amounted to 25.1 million people, which is 5.4% or 1.3 million more than the indicator for the same date in 2020 At the end of In 2021, the number of pay-TV subscribers amounted to 8.4 million users, which is 27.2% or 1.8 million more than in 2020. The number of users of the OTT platform (Internet TV) at the end of 2021 amounted to almost 4 million users, which is 1.6 times more than on the same date in 2020.

MTS Group's consolidated revenue in 2021 increased by 7.9% compared to 2020 and amounted to 534.4 billion rubles. Revenue grew in all business areas, including telecommunications, fintech, media and the new direction of cloud services. In the fourth quarter of 2021, revenue increased by 7.5% compared to the fourth quarter of 2020 to RUB 143.7 billion. It is worth noting that 97% of the MTS Group's revenue is made up of business areas in Russia. The group's revenue structure can be presented in the following form: revenue from communication services, revenue from sales of goods, revenue from MTS Bank and other revenue. In 2021, revenue from communication services amounted to 416.5 billion rubles, which is 5.1% of the 2020 figure. Revenue from sales of goods amounted to 68.9 billion rubles, which is 10.2% more than in 2020. The highest figures were observed at MTS Bank, whose revenue growth for 2021 compared to 2020 was 37.2%, in absolute terms , reaching 47.2 billion rubles . Other services within the group brought in 6.3 billion rubles, which is 32.8% more than in 2020. The number of offline points of sale of the MTS digital ecosystem at the end of 2021 amounted to 5,636 salons, which is 392 salons or 7.4% more than in 2020.

A separate place in the digital ecosystem is occupied by the fintech direction, which is primarily represented by MTS Bank. In February 2012, OJSC Moscow Bank for Reconstruction and Development, owned by AFK Sistema, announced a name change to MTS Bank PJSC, and in October of the same year MTS PJSC announced the purchase of a 25% share of the authorized capital in MTS Bank PJSC. At that moment, active interaction between the bank and the telecom operator began within the framework of the development of banking and other financial services on mobile devices and in MTS retail service points. In July 2018, MTS PJSC increased its share in the authorized capital of MTS Bank PJSC to 55.2%, and by the end of 2019 to 99.7%, which is explained by the need to achieve greater synergy between the structural divisions and areas of the MTS digital ecosystem. It is also worth noting that in September 2017 MTS acquired 30% of the authorized capital of LLC UK Sistema Capital for the provision of investment services, and in October of the same year 50.8% in the authorized capital of LLC Cloud Retail, which owns the LiteBox trademark, providing solutions for servicing corporate clients in the provision of cloud cash registers.

According to the MTS Group's operating statements, at the end of 2021, the number of MTS Bank customers amounted to 3 million people. The monthly number of active users of the MTS Bank application has reached 1.8 million people, and more than half of MTS Bank's customers use other services of the MTS digital ecosystem.

MTS initially independently developed the fintech direction, first within the framework of a partnership, and then completely buying out a stake in MTS Bank. And the financial direction of the business is still a key direction today, which in turn shows high growth rates.

It is worth noting that the most important services and products of digital ecosystems are not individual services that meet the needs in four main areas, but socalled ecosystem services (tools) - unified solutions for authorization and registration. The companies analyzed in this article are: Yandex ID, VK ID and MTS ID, as well as subscription tools for ecosystem services: Yandex Plus, VK Combo and MTS Premium.

Fig.5. The number of subscribers of Yandex.Plus, MTS Premium, VK Combo services.

Source: compiled by the authors based on data from the analytical agency Frank.RG.

According to the data of the analytical agency Frank.RG Yandex Plus, VK Combo and MTS Premium are among the top three in terms of the number of subscriptions. It follows from the agency's report "Rating of subscription services in Russia 2022" that at the moment more than 20 million people use subscription services in Russia and an average of one and a half subscriptions per user [25]. Yandex Plus has the most subscribers 10 million, MTS Premium - 7.4 million, VK Combo 4.5 million and Sber 4 million.. According to Figure 5, over the past 3 years, each of the services has shown an annual almost twofold increase in subscribers. According to a study by the Frank agency.RG, by the end of 2023, the growth of subscriptions will increase by 30-40%, and by 2030 their number may reach 50 million users.

Conclusion

According to the analysis, it can be concluded that the largest technology and telecommunications companies are actively expanding the number of services, products and services in almost all spheres of human activity. At the same time, it is worth noting that when creating and acquiring new services, products and services, digital ecosystems based on technology and telecommunications companies actively use their already formed business architecture. In addition, by providing a whole range of products and services by digital ecosystems, in particular due to a high level of digitalization and the use of seamless digital integration, there is a synergy effect and economies of scale, which allows you to provide products and services for fewer operational interactions and costs. The most important products (tools) of digital ecosystems are unified solutions for authorization and registration: Yandex ID, VK ID and MTS ID. As well as subscription tools for all or certain ecosystem services: Yandex Plus, VK Combo and MTS Premium.

Financial services provided by telecommunications and technology companies in the Russian scientific doctrine are given only occasional attention. However, according to the authors, financial services of digital ecosystems can play both a complementary function and be the most important services of the ecosystem. Within the framework of the studied digital ecosystems formed on the basis of technological and telecommunication companies, the authors came to the conclusion that in the Russian model of digital ecosystems, to a large extent, financial services of digital ecosystems play an important role. This is primarily due to the fact that, on the one hand, financial products and services are of great importance to consumers, and on the other hand, a large audience of digital ecosystems needs these financial services, respectively, meeting the financial needs of customers within digital ecosystems is both an economic necessity and an additional channel for attracting and retaining consumers, and an additional channel for revenue and profit.

Thus, it can be concluded that the most important goal of technological and telecommunications companies in Russia that form ecosystems is to develop a customer-centric approach to attract consumers through various services, keep them within the products and services of this digital ecosystem and increase the duration of the consumer's stay in the ecosystem by focusing on his needs, increasing his loyalty and providing him with favorable conditions when using a range of products and services.

*The main indicators are presented in accordance with the company's aggregate segment financial data and differ from the IFRS reporting.

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17. Report for public consultations of the Central Bank of the Russian Federation: Ecosystems: approaches to regulation, Moscow, April 2021. Electronic resource. URL: http://www.cbr.ru/content/document/file/119960/consultation_paper_02042021.pdf (date of access: 10/15/2021).
18. Overview of ecosystems: the Russian market. digital security. Electronic resource. URL: https://dsec.ru/blog/posts/obzor-ekosistem-rossijskij-rynok/ (date of access: 10/15/2021).
19. Official website of the Yandex group of companies. Electronic resource. URL: https://yandex.ru/ (date of access: 02/28/2022).
20. Official website of the MTS group of companies. Electronic resource. URL: https://mts.ru/ (date of access: 02/28/2022).
21. Official website of the VK Group group of companies. Electronic resource. URL: https://vk.company/ (date of access: 02/28/2022).
22. NAFI study. The market of retail electronic means of payment. Electronic resource. URL: https://nafi.ru/analytics/rynok-roznichnykh-elektronnykh-sredstv-platezha/ (date of access: 10/12/2021).
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25. Report of the analytical agency Frank.RG "Rating of subscription services in Russia 2022" Electronic resource. URL: https://frankrg.com/wp-content/uploads/2022/01/a3722ff8ba82.pdf (date of access 07/01/2021).

First Peer Review

Peer reviewers' evaluations remain confidential and are not disclosed to the public. Only external reviews, authorized for publication by the article's author(s), are made public. Typically, these final reviews are conducted after the manuscript's revision. Adhering to our double-blind review policy, the reviewer's identity is kept confidential.
The list of publisher reviewers can be found here.

The subject of the study. Based on the title of the article, the subject of the study is financial services of digital ecosystems based on technology and telecommunications companies in Russia. In general, the content of the article corresponds to the title of the topic, but the analysis is always accompanied by the identification of problems that require the development of author's recommendations for their solution. Unfortunately, this was not found in the article. Research methodology. The author compiled information from several sources, ascertained individual facts through the use of the simplest actions: direct copying of data and graphic images, as well as paraphrasing. Relevance. The issues of the development of financial services of digital ecosystems in the context of modern approaches to financial management of various economic entities are uniquely relevant, fully consistent with the trend of modern scientific thought and trends in the modernization of public administration around the world. In this regard, the intensification of the processes of conducting scientific research on these issues is justified and useful for ensuring the socio-economic development of the Russian Federation. Scientific novelty. Familiarization with the text of the article and the cited sources allows us to draw conclusions that the presented material lacks any elements of scientific novelty. Moreover, all the presented graphic objects are the result of the intellectual work of third parties. The author does not identify any problems in the development of financial services of digital ecosystems in the Russian Federation, and, accordingly, does not present ways to solve them, proposals to ensure their transformation taking into account new challenges (limitations and opportunities). Style, structure, content. The style of presentation is scientific. The structure of the article is not built correctly enough, because at the beginning of the text, the problem, goals and objectives of the study have not been formulated, the methodological base and the degree of development of the topic have not been determined. The above statement of individual numerical values and facts is not accompanied by the formulation and justification of existing problems in the organization of financial services of digital ecosystems based on technological and telecommunications companies in Russia. The content of the article does not contain specific author's reasoned judgments on the issue under consideration, which seriously reduces the impression of familiarization with these materials. When finalizing the article, it is recommended to give priority attention to this remark, since this will immediately strengthen the research methodology, the quality of the work structure and create a scientific novelty that is currently missing. Bibliography. The bibliographic list contains both domestic and foreign sources. Moreover, among domestic sources, mainly publications of recent years. In turn, only one of the foreign sources was published later than 2010, which indicates an insufficient study of the bibliography in foreign publications, although the specifics of the issues under consideration require this. Moreover, there is no uniformity in the design of the bibliography, and also none of the sources is designed in accordance with the requirements of GOST. Appeal to opponents. Considering that in the text of the article the author provides only a statement of facts from several sources without identifying problems and formulating practical recommendations for their solution, then, accordingly, no appeal to opponents has been carried out. At the same time, even the terminological concepts given at the beginning of the article are not accompanied by any author's comments and explanations. When finalizing the article, the author is recommended to increase the number of approaches under consideration to the interpretation of the terminological units cited, as well as to present his author's vision. Conclusions, the interest of the readership. The presented material is a good basis for the preparation of a scientific article on the stated topic, which will be of great interest to the readership with a deep study of the issues indicated in the text of the review. In this regard, the article is recommended for publication only after revision and re-review.

Second Peer Review

Peer reviewers' evaluations remain confidential and are not disclosed to the public. Only external reviews, authorized for publication by the article's author(s), are made public. Typically, these final reviews are conducted after the manuscript's revision. Adhering to our double-blind review policy, the reviewer's identity is kept confidential.
The list of publisher reviewers can be found here.

Analysis of financial services of digital ecosystems based on technological and telecommunication companies in Russia In the modern economy, developing ecosystems are playing an increasingly important role. Their distinctive advantage is the alignment of services around the interests of customers, the desire to comprehensively meet their needs. Today, the largest ecosystems are being formed and developing in Russia, which set trends in the development of entire industries, for example, the Beber ecosystem, built around financial services and incorporating the e-commerce, telecom, and IT industries. Technology and telecommunications companies are also developing their ecosystems. The article is devoted to the study of the features, stages and directions of the development of digital ecosystems based on technological and telecommunications companies in Russia. The article does not highlight sections with subheadings, which does not meet the requirements of the journal. At the same time, the structure of the article is standard for scientific publications. In the introductory part, the author substantiates the relevance of the study, defines the subject and purpose of the study. The author's review of scientific publications on the research topic is of interest. The approaches of domestic and foreign researchers to the definition of the ecosystem, as well as the position of the Bank of Russia, are analyzed. The main part provides an overview of the leading international and foreign digital ecosystems, followed by a description of the directions of development of domestic ecosystems. In conclusion, the author summarizes the results and formulates conclusions based on the results of the study. The title of the article does not reflect its content. According to the text of the article, there is actually no analysis of financial services. There are only fragmentary descriptions of the results of mergers and acquisitions of banks and IT companies, telecom, as well as the development of the most well-known transaction services implemented by technology companies and telecom. Therefore, the author must either focus on the study of financial services directly, or bring the title of the article in line with the content. As an option, for example: "The formation and development of digital ecosystems based on technology and telecommunications companies in Russia." The methodological basis of the research is analysis, synthesis, ascent from the abstract to the concrete, logical and historical method, as well as other general scientific methods. Among the specific economic methods, the author uses the analysis of statistical data. The relevance of the article is beyond doubt. In recent years, the largest domestic players in the financial services, e-commerce, and communications markets have begun to develop their businesses in the direction of ecosystem formation. This new direction has definitely undeservedly not received due attention in scientific research today. At the same time, it is necessary to assess the impact of the current macroeconomic situation on the development of ecosystems in the context of sanctions pressure on Russia. The article has practical significance, since the presented results and recommendations can be used to determine further directions for the development of digital ecosystems, the core of which are technology and telecommunications companies. At the same time, the shortcomings of the study of financial services themselves did not allow us to form specific recommendations for the further development of digital ecosystems. In this regard, it is not possible to assess the purpose of the study as achieved on the basis of the results presented in the article. The article does not explicitly present the elements of scientific novelty. The author needs to formulate a vision of the increment of scientific knowledge within the framework of the conducted research. The author concludes that "the most important goal of emerging digital ecosystems is to develop a customer-centric approach to attract consumers through various services, keep them within the products and services of this digital ecosystem and increase the duration of the consumer's stay in the ecosystem by focusing on his needs, increasing his loyalty and providing him with favorable conditions when using a range of products and services. services". However, such a conclusion cannot be considered as incrementing scientific knowledge, even according to the results of the scientific review of previous research given in the article. We believe that the development of approaches or methods for analyzing financial services, their impact on financial results and business development of ecosystems could claim to fill the gap that exists today in research on the development of domestic ecosystems. There is no description of the gap in scientific knowledge that gives grounds for conducting research in the article. We consider it necessary to supplement the article in this part. The presentation style is scientific and meets the requirements of the journal. At the same time, there are many shortcomings and mistakes in the work. For example, "The purpose of this article is to study ..." or "As can be seen from the analysis of the authors ...", as well as "Thus, after analyzing the activities of technological and telecommunications companies in Russia that form ecosystems, one can come to the conclusion ...". In addition, 3 drawings are stated in the article, however, they are missing in the version of the manuscript submitted for review. The bibliography is presented by 24 sources: research by domestic and foreign scientists, Russian and international databases, reports from leading market players. The use of the most relevant sources in 2020-2022 is positive. The advantages of the article include, firstly, the relevance and significance of the chosen research area. Secondly, an original approach to assessing the development opportunities of digital ecosystems formed on the basis of technology and telecommunications companies. Thirdly, the breadth of scientific review and the use of relevant sources of information and previous research results. The disadvantages include the following. Firstly, the failure to achieve the goal set in the research, the inconsistency of the title of the article with its content. Secondly, the lack of structuring of the article - subheadings and sections. Thirdly, the lack of comparison of trends in the development of domestic ecosystems with foreign ones is the focus of the issues under study. Fourth, the absence of explicitly formulated elements of scientific novelty. Fifth, the presence of errors and omissions in the text, the absence of drawings. Sixth, the need for improvement from the point of view of substantiating practical significance. Conclusion. The article is devoted to the study of the features, stages and directions of the development of digital ecosystems based on technological and telecommunications companies in Russia. The article is able to arouse the interest of a wide readership of the magazine. It is recommended to accept for publication in the journal "Finance and Management", provided that the comments indicated in the text of this review are eliminated.

Third Peer Review

Peer reviewers' evaluations remain confidential and are not disclosed to the public. Only external reviews, authorized for publication by the article's author(s), are made public. Typically, these final reviews are conducted after the manuscript's revision. Adhering to our double-blind review policy, the reviewer's identity is kept confidential.
The list of publisher reviewers can be found here.

The subject of the research in the reviewed article is digital ecosystems based on technological and telecommunication companies in Russia. The research methodology is based on the generalization of scientific works by foreign and Russian researchers, financial and operational reports of telecommunications companies, the use of general scientific research methods, and the analysis of statistical data. The authors rightly attribute the relevance of the study to the lack of developments for a comprehensive analysis of the activities of digital ecosystems formed on the basis of technological and telecommunications companies in an environment where deep digitalization has an active impact on production and economic processes. The scientific novelty of the presented research, according to the reviewer, lies in the results of the study of the features, stages and directions of the development of digital ecosystems based on technological and telecommunications companies in Russia. The authors have identified the following structural sections in the article: Introduction, Literature review, Conditions for the formation and development of digital ecosystems in the world and in Russia, Analysis of the development of digital ecosystems based on Yandex, VKGroup and MTS, Conclusion, Bibliography. The introduction notes that in the medium and long term, digital ecosystems, including their financial services, can have a significant impact on the paradigm shift in the provision of financial services and the financial sector of the economy as a whole. In the section "Literature Review", the degree of elaboration of the problem is determined, the terminological apparatus, views on the ecosystem of representatives of biological, humanities, including economics are considered. The following are the largest international digital ecosystems: American (Google, Apple, Facebook, Amazon and Microsoft) and Chinese (Alibaba, Tencent, Baidu) companies. According to the authors, the peculiarity of the Russian model of formation and development of digital ecosystems is that it simultaneously moves in two directions: within the banking sector of the economy and within those technological, telecommunications and other companies that actively use innovative technologies to increase competitiveness. The authors consider the situation on the Russian market of digital ecosystems based on technological and telecommunications companies through the prism of analyzing the activities of such major Russian digital ecosystems, and cite the dynamics of the number of subscribers to Yandex Plus, MTS Premium, and VK Combo services. In conclusion, the authors conclude that the most important goal of technology and telecommunications companies in Russia is to develop a customer-centric approach to attract consumers through various services, retain and increase the duration of consumer stay in the ecosystem by focusing on their needs, increasing their loyalty and providing them with favorable conditions when using a range of products and services. The materials of the article are illustrated with five drawings. The bibliographic list includes 25 names of sources represented by scientific articles and books by domestic and foreign authors, as well as Internet resources to which the text contains address links indicating the presence of an appeal to opponents in the publication. The topic of the article is relevant, the material corresponds to the subject of the journal "Finance and Management", contains elements of increment of scientific knowledge, may arouse interest among potential readers and is recommended for publication.