The international acceptance of MIR, Russia’s answer to Visa and Mastercard, shrunk dramatically last week as major banks from Armenia, Kazakhstan, Tajikistan, Turkey, Uzbekistan and Vietnam announced the suspension of such transactions. These announcements came soon after the US authorities warned banks outside the US that supporting MIR transactions could expose them to the risk …
China’s UnionPay paymentsystem has stopped accepting cards issued by Russian banks under Western sanctions over fears of penalties, the RBC news website reported Friday, citing financial industry sources. Demand for UnionPay cards in Russia surged following Visa and Mastercard’s exit in the wake of the invasion of Ukraine. A number of major Russian banks subsequently announced plans …
China’s UnionPay cuts off Russian banks over sanctions Read More
Earlier this month Rostec, a state corporation that comprises more than 700 enterprises in the fields of defense and technology, announced they have developed a blockchain platform to provide a “real alternative to SWIFT in international settlements.” Russian banks were excluded from the SWIFT system last February as part of the sanctions imposed by Western countries in response …
Russia’s Rostec develops blockchain system as “real alternative” to SWIFT Read More
China’s UnionPay system refused to cooperate with Russia’s biggest lender Sberbank and suspended talks with other banks for fear of secondary sanctions, the RBC news website reported Wednesday. Russian banks planned to issue cards using UnionPay after Visa and Mastercard suspended operations last month in compliance with sanctions imposed over Moscow’s invasion of Ukraine. The Russian …
China’s payment card giant UnionPay backs away from Russia Read More
Some are calling it the “nuclear option.” As Western governments threaten Russia with a package of unprecedented sanctions aimed at deterring President Vladimir Putin from ordering an invasion of Ukraine, there’s one measure in particular that appears to strike fear at the heart of the Kremlin: cutting the country off from the global banking system. US lawmakers have suggested …
Finance vs. tanks: Why SWIFT might be the weapon Russia fears most Read More
Wildberries has just launched its first financial product — a virtual debit card that allows its customers to make purchases on the marketplace with a 2% discount. The news was reported earlier this week by RB.RU, which cited the company’s press service. Only users with a Wildberries account can get the ‘WB Card,’ which is provided at …
Tinkoff, the Russian digital banking giant, has taken control of Just Look, the company behind the Jump.Finance payment automation service. Tinkoff purchased a 51% stake under undisclosed terms. Founded in 2017 by Anton Kirillov (CEO) and Mikhail Kirchenko (CTO), Jump.Finance has asserted itself as a major provider of payment automation software for taxi fleets, car dealers, delivery companies, scrap collector …
Russian digital banking giant Tinkoff acquires payment automation service Jump.Finance Read More
The Moscow Metro on Friday rolled out what authorities have touted as the world’s first fare payment system based on facial recognition technology. The cashless, cardless and phone-less system, called ‘Face Pay,’ has been fitted at special turnstiles across the Russian capital’s more than 240 metro stations. “To enter the metro, passengers won’t need a …
Moscow metro introduces “world’s first” pay-by-face system Read More
Two acquisitions were announced yesterday in the Russian fintech space. Yandex, the NASDAQ-listed digital major, agreed to fully purchase Acropol Bank. The deal, which is still subject to regulatory approval, amounts to 1.1 billion rubles (approximately $14.7 million). “The strategic rationale for the transaction is to obtain a banking license required to develop the Yandex fintech vertical and launch comprehensive …
Ozon, a NASDAQ-listed Russian e-commerce major, announced today an agreement with Sovcombank to acquire Oney Bank. This cash transaction is still subject to regulatory approval; its exact amount , which should “not exceed $10 million,” will be determined at closing, Through this deal, Ozon is acquiring the licenses required to develop its offering of financial services around its marketplace. …
Ozon to acquire Oney Bank to enhance financial service offerings Read More
In late March Moscow startup Briskly raised $3 million from Maxim Poletaev and Gauss Ventures alongside two unnamed new investors. Poletaev, a former Sber executive, and Gauss, a Cayman-based fund with Russian connections, backed Briskly from the very beginning, with a $370,000 injection in 2019. The deal came just five months after a previous $2 million round — and is preceding a new …
Swedish fintech player Digital Alliance AB and Russia’s QIWI Group have launched a new solution based on advanced SoftPOS technology. Initially launched in Russia under the brand ‘tap2go,’ the service will be made available on other markets in the course of 2021. The new service enables end users to accept card payments directly on their mobile devices, …
