Russia's Sberbank, Alfa-Bank, TBank create subsidiary for developing payment solutions, services, including QR code payments

MOSCOW. Jan 13 (Interfax) - Sberbank , Alfa-Bank and TBank have established a subsidiary company to develop payment solutions and services, including QR code payments.

Fintech Platform LLC was registered last week, according to information from the Unified State Register of Legal Entities. Its charter capital totals 1 million rubles. The main owner of the company with a 45% stake is Digital Assets, which according to the latest publicly available information was a subsidiary of Sberbank. Alfa-Bank and TBank each own 27.5% of the shares.

"Fintech Platform LLC will focus on creating and developing new technological payment solutions and services based on decentralized and open infrastructure. Payments using QR codes will be the first such technology," Sberbank, Alfa-Bank and TBank said in a joint statement received by Interfax.

The new company's team is currently being formed and key members are being recruited, the banks said. "The CEO and CTO have already been appointed. Dmitry Filinov has become the head of Fintech Platform. He has over 25 years of experience in the payment solutions market. For the past 10 years, Dmitry has led the Moscow office of TSYS, one of the largest global companies in the electronic payment industry, and was also a member of the board of directors of TSYS International," the banks said.

Sberbank, Alfa-Bank and TBank, which together hold more than 80% of the acquiring market, said in the summer of 2024 that they would collaborate on a unified payment QR code, forming a consortium to develop the project. At the same time, the National Payment Card System (NPCS) launched a pilot for a universal QR code.

Later, Russian Central Bank Governor Elvira Nabiullina said that the regulator would propose legislating the use of only one universal QR code developed by the NPCS. The bill was submitted to the State Duma in November.