RT.com
02 Oct 2023, 11:43 GMT+10
Helipay wants to simplify cross-border settlements between businesses
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
(RT.com)
Get a daily dose of Orlando Echo news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Orlando Echo.
More InformationMOSCOW, Russia: This week, Russia became the first country to officially recognize the Taliban as the government of Afghanistan since...
CAIRO, Egypt: This week, both Hamas and Israel shared their views ahead of expected peace talks about a new U.S.-backed ceasefire plan....
WASHINGTON, D.C.: The Trump administration has made public a visa decision that would usually be kept private. It did this to send...
MADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
President Donald Trump's plans to build a space-based Golden Dome missile defense shield have drawn immediate criticism from China,...
WASHINGTON, D.C.: In a significant ruling last week, the U.S. Supreme Court upheld a Texas law requiring age verification for users...
(Photo credit: Bruce Kluckhohn-Imagn Images) The Washington Wizards completed a three-team trade on Sunday, acquiring guard CJ McCollum,...
(Photo credit: Jim Rassol-Imagn Images) Brandon Woodruff, pitching in the majors for the first time in 652 days, allowed one run...
(Photo credit: Jeff Hanisch-Imagn Images) The Baltimore Orioles acquired minor league catcher Alex Jackson from the New York Yankees...
(Photo credit: Darren Yamashita-Imagn Images) Willy Adames received a seven-year, $182 million contract in the offseason to join...
(Photo credit: David Frerker-Imagn Images) For most of the season, hitting with runners in scoring position has been dreadful for...