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Russia's Sberbank launches mobile money transfers to China

Russia's Sberbank launches mobile money transfers to China
Russia's Sberbank launches mobile money transfers to China   -   Copyright  Thomson Reuters 2022
By Reuters

MOSCOW – Russia’s largest lender Sberbank on Tuesday said it had launched money transfers to Alipay wallets in China using phone numbers.

State-controlled Sberbank, which has customers in 18 countries, launched the service together with Western Union. For a transfer fee of 1%, customers can credit an Alipay account in Chinese yuan with just the recipient’s full name and phone number.

“We have added one more country to the geography of Sber’s cross-border transfers today. I am certain that remittances to China will be sought after among our clients,” said Leonid Shnyr, Sberbank’s director of payments and transfers.

Inter-bank transfers using a mobile number are common in Russia. Sberbank now offers cross-border transfers in more than 30 countries. Other Russian banks, such as online-only Tinkoff also offer similar services.

Alipay is part of Alibaba Group.