Japan’s SBI Holdings has invested in QIWI Platform, a unit of Russian payment firm QIWI.

SBI executed the deal through its Singapore arm SBI Ven Holdings.

QIWI is said to process RUB1trn worth of transactions on a yearly basis.

It caters to more than 42 million users with over 130,000 payment terminals and payment app called QIWI Wallet.

QPlatform enables banks to offer one-stop payment service to customers.

Using this platform, banks can connect to a service in a month instead of the usual six to 12 months.

Currently, Russia is said to have the third-largest number of customers utilising fintech payment services.

SBI said: “In October 2019, the Russian FinTech Association, which promotes financial reforms in Russia, published guidelines under which all banks in Russia are required to implement open API principles.

“The SBI Group believes that, as open APIs become more widespread in Russia, the platform will play an important role in making new services available to more consumers.

“Since QPlatform can also be expected to serve as a channel through which the SBI Group’s fintech investees can access Russia and CIS, we believe that the platform will create a high level of synergy with the SBI Group.”

Earlier this year, SBI made a $20m investment in Openlegacy Technologies that supports API integration of core banking platforms.