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Fintech
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accept payments from China's UnionPay and set up WeChat Pay as well as Alipay systems, hire consultants and offer competitive prices.
Russian state-owned VTB Bank and vodka compa- ny Russian Standard are also looking into WeChat Pay. Russia is trying to build up a domestic com- petitor to WeChat Pay by partnering with Alibaba's Alipay, but little progress has yet been made.
Fintech Revolut will launch in Russia on Qiwi platforms
Fintech start-up Revolut, which provides digital banking services, will launch in Russia this year on the platform of Qiwi electronic payment system and cash-up terminals, RBC business portal reported on June 5, citing Qiwi.
Revolut digital banking services include a pre-paid debit card, currency exchange, cryptocurrency exchange and peer-to-peer payments, but the crypto operations will not be launched in Russia.
Qiwi will allow Revolut to access its infrastructure through opean APIs (application programming interface), and Revolut will operate under Qiwi's Russian banking and financial licences. In Russia the launch will start with basic products such as
“The introduction of WeChat Pay is also proof of the Russian private sector's struggle with external partners in China. Alipay has thus far been a bust, though there may be a Russian app soon enough. Just wait for the absurd legal backflips that will be used to try and force Russians to use it,” BMB said in a note.
mobile application and multi-currency Visa card.
Revolut was founded in the UK in 2015 by former investment bankers Nikolai Storonsky and Vlad Yatsenko. It provided multi-currency credit cards that provide significant savings while travelling or working with several currencies. Initially, the start-up targeted travellers, freelancers, expats, and frequent internet shoppers, the founders told RBC back in 2016.
In April, Revolut raised $250mn from investors that included DST Global of former Mail.ru owner and tech investor Yury Milner. Prior to that $86mn were raised and at the latest investment round the company was valued at $1.7bn.