3S Money secures Raiffeisen Bank International as new banking partner

By Megha Bhattacharya

Challenger bank 3S Money announced that it is expanding its portfolio of banking partners to include Raiffeisen Bank International A.G. – an Austrian banking group. The new partnership enables 3S Money to expand its reach into global markets, offering a wider variety of currencies to facilitate collections and payments. Raiffeisen Bank will be the main facilitator of Russian Ruble transactions, and central European currencies, whilst also facilitating their euro transaction flow.

Ivan Zhiznevskiy, CEO of 3S Money said, “As more businesses enter overseas markets, it is imperative that their multi-currency payments flow without issues. Raiffeisen Bank is the seventh banking partner that we are fully integrated with, building on our strategy in connecting different payment rails across the world which in turn creates a seamless banking experience for our clients.

Recently, The European Bank for Reconstruction and Development (EBRD) teamed up with Raiffeisen Bank International (RBI), and Raiffeisen Bank Albania (RBAL) to mobilise lending opportunities for Albanian businesses following the adverse economic impact of the COVID-19. EBRD will be providing RBAL with an unfunded guarantee for up to €100 million in local currency equivalent linked to the bank’s local currency sovereign bond portfolio.

EBRD is also launching a technical cooperation programme with Bank of Albania with an aim to align the local prudential framework with that of banks in the European Union. The programme is supported by the Luxembourg ODA Technical Co-operation Fund and builds on the work under the Vienna Initiative. The EBRD has invested almost €1.5 billion in 104 projects in Albania.