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2 Oct, 2023 05:15

Chinese payment service aiming to enter Russian market – RBK

Helipay wants to simplify cross-border settlements between businesses
Chinese payment service aiming to enter Russian market – RBK

Chinese payment company Helipay is in talks with Russian banks to set up cross-border transactions, the company’s development director told the International Banking Forum in Sochi on Friday. 

According to Rustem Zakirzyanov, the service is looking for a bank that can enable instant payments by Russian customers for Chinese goods. He explained that this is currently problematic, citing payments from Russian clients for Chinese cars, which can take months to process.

“When Helipay receives such an opportunity, it will rapidly attract a huge number of small and medium-sized businesses, and other Chinese enterprises to cooperate with Russia,” Zakirzyanov was quoted as saying by RBK.

He added that Helipay is currently negotiating with three Russian credit institutions, one of which is considered systemically important. Zakirzyanov refused to name the banks, citing the confidentiality of negotiations.

For Helipay to start operating in Russia, legislative amendments will be needed to allow a payment service company to enter into a correspondent agreement with a credit institution.

“This is contrary to [Russian] legislation, which currently allows only interbank correspondent relations,” Zakirzyanov noted, adding that any such transactions need approval from the Russian central bank.

Helipay was established in 2013 and has a payment business license issued by the People’s Bank of China, according to the company’s official website. The service specializes in transfers and payments, including cross-border payments for small and medium-sized businesses.

For more stories on economy & finance visit RT's business section

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