Russia’s VTB Bank, Alibaba sign memo to develop online payments

MOSCOW, Jan 21 (PRIME) -- VTB Bank and Ant Financial Services Group, operator of payment services of Chinese Internet giant Alibaba Group have signed a memorandum of understanding to cooperate in banking services and Internet payments in Russia, VTB Bank said Thursday in a statement.

“Under this agreement, the parties will work closely on the payment and banking services in Russia, to provide comprehensive and reliable shopping experience for Russian consumers as VTB and Ant Financial are officially strategic partners,” the statement read.

“Alipay, the online and mobile payment business unit of Ant Financial, will act as a single payment gateway for all local payment options which are available on Aliexpress.com, the most popular e-commerce Web site in Russia.”

VTB Bank will help develop, expand business and increase e-commerce operation efficiency of Alipay and Alibaba Group in Russia. Among the possible cooperation activities there are commercial, corporate and investment banking services of VTB.

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