On the Chinese side, companies from the Alibaba group will participate in the project.
Next year, Sberbank will launch instant transfers to China via mobile numbers. This was reported by the agency Interfax with reference to the deputy chairman of the board of the bank Kirill Tsarev.
Alipay will become a partner of China’s lending institutions, he said.
The bank’s payments business is growing, including cross-border transfers, a top manager said. The bank expects citizen movement between Russia and China to recover in the future.
“This [Китай] for us it is also an important market, because after the CIS countries, it is the most potential market for entry or mutual cooperation opportunities,” Tsarev told Interfax.
Sber launched an instant overseas remittance service in 2019. Instant cross-border transfers are now available in 9 countries, the bank said in a press release, without naming them. The p2p service is used by 67.3 million people.
At the end of 2020, the volume of individual cross-border transfers from within the country was $7.4 billion, this is the minimum value since 2016, according to Central Bank data. In the third quarter of 2021, cross-border transfers via payment systems to CIS countries from Russia totaled $2.29 billion, a record value for the past six years, reports the newspaper Kommersant.
Bear in mind that instant cross-border transfers will also launch the Bank of Russia. According to the regulator, the service will appear in the Fast Payment System (FPS) in 2022.
Read also: how Fast Payment Systems work will change in 2022.