Russian Direct Investment Fund (RDIF), Mail.ru Group, USM, MegaFon and Alipay (payment platform, member in Alibaba Group) are going to create and launch a payment system for AliExpress Russia in 2020.

TASS reports that the project will be designed to realize the payment and financial synergy of the members of the AliExpress Russia joint project. The sides plan to complete the development of the system and start operating it this year.

Russian shareholders will have over 50% of shares in the project. It is expected that the project will include a Russian bank, whose infrastructure will be used to secure functioning of the new payment system.

The platform will use Russian technologies and keep the client data in the territory of Russia, in accordance with Russian legislation.

The framework agreement on creation of AliExpress Russia was signed in the fall of 2018.

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