VTB to launch transfers to new countries in Africa, Latin America, SE Asia in 2025

MOSCOW. Jan 29 (Interfax) - VTB plans to expand the geography of international transfers in national currencies this year by adding new countries in Africa, Latin America and Southeast Asia, the Russian state bank's deputy CEO, Georgy Gorshkov told reporters.

VTB's retail customers made 2.1 million transfers in the currencies of friendly countries in 2024, six times more than in 2023. These transfers totalled more than 50.5 billion rubles. The largest number of transfers went to Tajikistan, followed by China, Belarus, Uzbekistan, Kyrgyzstan and Kazakhstan.

VTB expects international transfers by its retail customers to exceed 240 billion rubles in 2025.

"Retail clients are increasing interest in international transfers, which stimulates the continual development of international settlement technology. Such 'financial bridges' are now open for VTB retail clients to more than half of the countries in the world. This year we will continue to expand the geography of cross-border settlements. There will be transfers to countries in Africa, Latin America and Southeast Asia," Gorshkov said.

Furthermore, the bank will launch QR code payment services in new friendly countries in the first quarter of 2025. Such services are now available in Tajikistan.

VTB also plans to integrate an incoming cross-border transfer feature that will enable retail customers in Russia to receive funds from abroad. This will be particularly relevant in CIS countries.