Press Release of the new chef analyst Lưu Đỗ Hoàng Anh about the path to success of the Russian version of SWIFT

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MarketWatch

Dubai Global News

TECH-GULF ONLINE

Press Release:

The path to success of the Russian version of SWIFT will not be as simple as it seemed to be

It has been some time since the information that Turkey and China decided to access the Russian rouble-based alternative of the SWIFT communication system disseminated all around the world. At that time, the Russian equivalent was referred to as a potential new payment giant. Although since 2019, many agreements have been made on SPFS’s (Service for transfer of financial messages) connection with other countries, e.g. the payment systems used in China, Iran, India, and The Eurasian Economic Union countries planning to use SPFS directly, it still has a long way to go to build a significant position. 

The system introduced under the acronym SPFS was developed by the Russian Central Bank in 2014 after the US government had threatened to disconnect Russia from the internationally operated system SWIFT that currently associates more than 11 thousand bank institutions all over the world. Work on SWIFT alternatives became more intensive when cyber-attacks at the network had caused information leakage and theft of 101 million dollars from the Brazilian Central Bank in 2015 and 2016. 

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