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RBK Money gets official EU status

0 18 December 2013

RBK Money, an electronics payment company that belongs to the RBC Group, has gained Authorized Payment Institution (API) status from the Financial Conduct Authority (FCA), which regulates financial services in the UK.

This means that the company can now offer its e-wallet, online money transfer and online business services across the EU, and also that it will now be subject to European regulations. 

In Q3 2013 RBK Money was providing payment services for 35,000 online retailers, 60% of which were from outside Russia. API status will allow the London-headquartered company, which has had a license to operate in Russian since 2012, to increase its activity abroad and take advantage of the predicted boom in cross-border e-commerce sales going into Russia, which are expected to be 100% higher in 2013 than 2012. 

RBK Money CEO Andrey Morozov:

“This is a major milestone in our international expansion and we are very proud to become a trusted and fully authorised payment institution in Europe.  RBK Money can now start growing its business throughout Europe and make a significant impact on the industry through the introduction of our innovative payment services, which are already very successful on other markets around the world.”

RBC Group, which operates RBK money, is Russia’s 4th largest internet company by audience, with over 18 million users per month (TNS). RBC TV is Russia’s most popular business channel and its newspaper is the most widely read business daily on the Russian web. 

Top image by Shutterstock

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