Financial technology company Revolut Ltd has partnered with payment services provider Qiwi PLC to launch Revolut services in Russia using QIWI Bank's payment infrastructure.
As part of the partnership, Qiwi has given Revolut access to its banking infrastructure via open application programming interfaces, according to a press release.
Revolut will use that infrastructure, which includes banking licenses and technologies for customer identification, payment processing, and card issuance, to provide financial services to individual Russia users.
During the launch phase, Revolut will provide a basic product offering including a mobile application and a multi-currency VISA card that allows users to make payments, money and foreign exchange transfers in 130 currencies, as well as cash withdrawals from ATMs around the globe.
"QIWI and Revolut believe that the partnership has many potential synergies that arise from combining expertise in the development of fintech projects for various consumer niches," the companies said.
According to the statement, Revolut will launch in India, Russia, the U.S., Australia, Singapore, Hong Kong and several other countries in 2018.
