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Mail.Ru will collaborate with Alipay for Russian payment JV

On Wednesday Russian web organization Mail.Ru reported it had concurred a joint endeavor with Alipay, the mobile payments part of Alibaba Group, alongside the Russian Direct Investment Fund (RDIF) and two other Russian peers.

mail ruPhoto: Reuters

The RDIF, Megafon, and Mail.Ru have also consented to set up another joint endeavor with Alibaba called AliExpress Russia, RDIF's Kirill Dmitriev told Reuters independently.

AliExpress, constrained by Russian investors, will focus on Russia's quickly developing internet business market which has a yearly turnover of more than $14 billion. Customers will have the option to utilize AliExpress to purchase items online, including clothing and gadgets. The Alipay joint endeavor will proceed once the AliExpress arrangement is finished, Mail.Ru stated.

Dmitriev said that AliExpress would assist little and medium-sized Russian organizations with getting access to Asian markets.

RDIF has been assuming a significant job in building up Russia's ties with different nations, including Saudi Arabia, Japan, and China.

Russia has expanded its ties with Asia and China since 2014 when it was first put under Western sanctions over Moscow's job in the Ukraine crisis. Russia and China, for instance, have grown closer connect in regions, for example, oil creation or gas buys.

Mail.Ru said under the Alipay agreement, RDIF, Megafon and USM holding, a Megafon and Mail.Ru investor, will set up the payment JV concentrating on computerized payment services for Russian clients.

Alipay has around a half a billion clients and furthermore works in Europe, where it is utilized by Chinese sightseers who are going the world over in expanding numbers.

Mail.Ru stated and VK Pay, part of its VKontakte social community, would be a piece of the payment JV. Mail.Ru will be its biggest investor with a 40 percent share.

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