Ripple’s remittance partner, SBI Holdings, has sealed an agreement with Russian fintech platform QIWI, a report has confirmed.
Today April 1, 2020, SBI Holdings subsidiary in Singapore, SBI Ven Holdings, signed an agreement to invest in QIWI Platform LLC, a subsidiary of Russia’s largest payment provider QIWI PLC.
QIWI boast of executing an average of 1 trillion rubles worth of transactions annually. QIWI services its over 42 million users with its 130,000+ payment terminals and mobile wallet application known as QIWI Wallet.
Due to the increasing need for faster payment systems across the world, Russia penetrated the fintech industry with the creation of Faster Payments System (FPS), aimed at enabling instantaneous peer-to-peer transfer of fund.
QIWI was among the few number of payment companies which collaborated with banks to develop and pilot the FPS service. QIWI is recognized for its impact in the Russian fintech industry. At present, Russia is regarded as the country with the third-largest adopters of fintech payment services.
QPlatform, a subsidiary of QIWI, developed a platform that allows banks to offer customer one-stop payment service, and let users make payments in one go. QPlatform lets banks connect to its service within one month rather than the usual 6-12 months.
QPlatform opens fintech company to a market which has about 300 million users in both Russia and the Commonwealth of Independent States (CIS). The SBI Group’s fintech investees also access to this benefit, hence, the synergy of these two would be a great one for Russia’s fintech Industry.
By offering a multifaceted financial service through its commercial bank in Russia -SBI Bank LLC, SBI Group aims to continue bridging the gap between Japan and the Russian finance industry.