Russian mobile operator MegaFon is set to form a venture with banking giant Gasprombank, state-run organisation Rostec and investment company USM Holdings to develop new digital projects.

The new company – named JSC MF Technologies – will create digital technologies designed to modernise the operations of companies across a number of sectors. It will also back technology start-ups with a dedicated investment fund.

In a statement, MegaFon said the first objective of the new company is to drive forward efforts to create a “financial digital platform” in Russia to act as the basis for the development of digital banking and other corporate services.

“MegaFon endeavours to play a leading role in Russia’s digital future,” the operator’s CEO Sergey Soldatenkov said. “Today we can observe the integration of efforts of the leaders in the telecom, high-tech and financial sectors to create new digital products and services as a worldwide trendsetter.”

MegaFon’s financial contribution to the venture will come in the form of a five per cent stake in online services company mail.ru.

The stake in mail.ru will be moved through MegaFon subsidiary Lefbord into the newly formed JSC MF Technologies – initially completely owned by Lefbord.

Shares in JSC MF Technologies will then be sold to its three partners. MegaFon will also make $245 million in cash as a result of the transaction, which the operator said will be used to reduce debt.

Once the sale is complete, MegaFon’s Lefbord will own a 45 per cent stake in JSC MF Technologies. Gazprombank will hold a 35 per cent stake, Rostec will take an 11 per cent share, with USM holding 9 per cent.