- 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…
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