Payment & banking technologies

Russia still dominates Ukraine’s money transfer market

June 20, 2014

Russian money-transfer service Zolotaya Korona (Golden Crown) has displaced Western Union as the most-popular option for sending money to Ukraine, according to Elena Makhaeva, who heads the department tasked with overseeing money-transfer services for the National Bank of Ukraine (NBU). Zolotaya Korona and Western Union together own more than half of the Ukrainian money-transfer market, with the …

Russia still dominates Ukraine’s money transfer market Read More

Digital money conference to map the future of bitcoins in Dublin

June 18, 2014

Twenty of the most innovative and influential leaders in the Bitcoin, payments and financial services worlds will be among the featured speakers at the inaugural Bitcoin Finance Conference and Expo (Bitfin 2014). The event will be held in Dublin on July 3 and 4 at the Royal Dublin Society in partnership with East West Digital News. …

Digital money conference to map the future of bitcoins in Dublin Read More

New Russian fund plans to invest up to $100 million in P2P and fintech startups across the world

June 4, 2014

Finam, one of Russia’s most well-established financial groups, has teamed up with Skagit Investment, a Moscow-based IT investment company, to launch an international venture fund, christened FinSight Ventures, which aims to raise $50 million to $100 million. The news was reported  last week by Russian business daily Kommersant based on exchanges with top executives from …

New Russian fund plans to invest up to $100 million in P2P and fintech startups across the world Read More

Visa and MasterCard to participate in Russia’s new national payment system

May 29, 2014

Visa and MasterCard will continue to operate in Russia, the companies’ representatives told journalists last week at the St. Petersburg International Economic Forum, following a meeting with Russia’s Deputy Prime Minister Igor Shuvalov and Minister of Finance Anton Siluanov. Visa and MasterCard executives had expressed concern about the consequences of new rules recently adopted by …

Visa and MasterCard to participate in Russia’s new national payment system Read More

TNS studies the popularity of electronic currencies in Russia

May 29, 2014

TNS has conducted research on the popularity of electronic payment methods among Russian online shoppers of different age and demographic groups. Electronic currencies (such as Yandex Money, WebMoney, Qiwi Wallet and PayPal) rank among the three most popular electronic payment methods for the 12-55 year old age group. The survey found that 97% of respondents had …

TNS studies the popularity of electronic currencies in Russia Read More

Russian hackers get jail time for online banking thefts

May 28, 2014

After an investigation initiated by the security service of Sberbank, Russia’s national savings bank, the activities of an organized criminal group of hackers that specialize in stealing money from the bank accounts of companies have been suppressed. This was achieved thanks to joint efforts by the Bureau of Special Technical Measures (BSTM) and the Russian FSB Information …

Russian hackers get jail time for online banking thefts Read More

New rules on user identification may significantly affect cross-border payments from Russia

May 23, 2014

On May 16, amendments to the Russian legislation on payments came into force with potentially far-reaching consequences for e-payment and e-commerce companies working with Russian customers – including those operating from abroad. The amendments, included in an “anti-terrorism” package adopted by the Russian parliament on May 5, make user identification mandatory for electronic payments in …

New rules on user identification may significantly affect cross-border payments from Russia Read More

Visa, MasterCard better off quitting Russia, Morgan Stanley says

May 15, 2014

New legislation placing foreign payment service providers under the thumb of Russian regulators is so damaging to Visa and MasterCard that the two U.S. companies might be better off abandoning the Russian market, according to research by investment bank Morgan Stanley. Compliance with the new law will cost Visa and MasterCard at least $2.9 billion, …

Visa, MasterCard better off quitting Russia, Morgan Stanley says Read More

iTech Capital injects $10 million into financial SMS service provider MFM Solutions

May 5, 2014

Last week the business daily Vedomosti reported a $10 million investment from Russian PE & VC fund iTech Capital in Mobile Finance Management Solutions (MFM Solutions), a Moscow-based provider of SMS services for financial organizations, in exchange for a minority stake in the company. The terms of the deal have not been disclosed. MFM Solutions’ …

iTech Capital injects $10 million into financial SMS service provider MFM Solutions Read More

Mobile payment and transaction processing provider Net Element raises $11.2 million

April 30, 2014

Last week Net Element, a NASDAQ-listed provider of mobile payment and value-added transactional service and solutions in Russia and in the United States, announced $11.2 million investment from a new investor, Cayman Invest SA. The $11.2 million raise, in exchange for a 15% stake, is part of a larger financing round totaling $30 million that Net Element plans to complete this …

Mobile payment and transaction processing provider Net Element raises $11.2 million Read More

New law establishes national control of bank card transactions – without banning Visa and Mastercard

April 29, 2014

This past Friday, the Russian State Duma passed a law to create a national payment card system, the Russian news agency Interfax reported. The law took the form of amendments to existing legislation adopted in 2011. The new rules will ensure “uninterrupted transfers of monetary funds within the payment system on the territory of Russia,” …

New law establishes national control of bank card transactions – without banning Visa and Mastercard Read More

Russian-made chips for bank cards could appear in 2015

April 17, 2014

Russia is setting up its own payment operation and clearing centers to circumvent US-based Visa and Mastercard – and may have its own homemade chip for banking cards as early as next year. According to the Russian business daily Vedomosti, microelectronics developer and manufacturer Mikron Group has high hopes of getting a new chip certified …

Russian-made chips for bank cards could appear in 2015 Read More

Scroll to Top

This site is under maintenance. Sorry for the inconvenience.

This site is under maintenance. Sorry for the inconvenience.