SBI Holdings, Inc, a 100% shareholder of SBI Bank, announced that its Singapore subsidiary SBI Ven Holdings Pte. Ltd. (with the head office in Singapore) has entered into a corporate investment agreement with Qplatform, the operator of the fintech platform and a subsidiary of QIWI plc, Russia's largest payment service provider.
On July 16, 2020, as part of the signed basic investment agreement, SBI Ven Holdings Pte. Ltd. and the participants signed a set of documents for SBI to entry into the company's capital and concluded a corporate agreement in respect to QIWI Platform.
The document was signed by Maxim Avdeev, representative of QIWI plc, CEO of QIWI Platform and on behalf of the investor, SBI Ven Holdings Pte. Ltd., it was Mr. Yusuke Fujii.
On March 27, 2020, members of Qplatform entered into an investment agreement with SBI Ven Holdings Pte. Ltd., the next step of which was the direct entry of SBI into the company's capital and the conclusion of a corporate agreement between the parties.
Qplatform is an integration platform with a cloud infrastructure that is designed to help traditional banks to integrate innovative solutions from fintech companies using open APIs and fintech companies to enter new markets and bring their solutions to a large number of banks.
The key advantage of the platform is that it significantly reduces the time to integrate the partner solution into the bank's infrastructure. At the same time, the bank doesn’t need to make additional integrations when connecting new partner solutions with Qplatform.
"SBI Bank has been working with QPlatfrom since October 2019. With its help we plan to integrate innovative fintech solutions into our bank's products. We are confident that the basic investment agreement of SBI Holdings, Inc will be followed by rapid development of the platform and SBI Bank will be able to quickly and effectively enrich its client offer with new services and innovative solutions,"saidAndrey Karyakin, chairman of the management board of SBI Bank.
According to him, the cooperation between SBI Holdings, Inc and Qplatform will be a good opportunity for foreign fintech companies to enter the Russian and CIS markets.
The signing of this agreement between SBI Holdings, Inc and Qplatform indicates that the Japanese holding company plans to continue to act as a link between Russia and Japan for the active development of the economies and financial sectors of both countries. These goals will be implemented both through the development of SBI Bank's business as a Russian universal high-tech bank, as well as through direct investment in the most promising and innovative fintech companies in Russia.