- A partnership with Sputnik Bank in Russia will enable the provision of third party bank processing services to local banks
- Regulatory approval and completion of the agreement are expected in the final quarter of 2018
- Net Element is the only Nasdaq-listed U.S. company that stands to benefit from the Russian electronic payment expansion
Global technology and value-added solutions group Net Element, Inc. (NASDAQ: NETE) recently announced a partnership with Sputnik Bank in Russia that’s aimed at offering third party bank processing to other banks in the country. As the October 2 announcement states, Net Element will get 25 percent of Sputnik’s outstanding stock, and a per-transaction fee has also been discussed, Zacks reported in a note published the day after the announcement (http://nnw.fm/HaTw2).
The partnership will be executed via Net Element’s PayOnline subsidiary. The agreement has to pass regulatory approval in Russia before it gets finalized. Such an approval is expected during the…
More from NetworkNewsWire
NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive instant SMS alerts, text STOCKS to 77948
For more information, please visit https://www.NetworkNewsWire.com