Helipay, a Chinese payments company, is exploring a cross-border payment arrangement with Russian banks to enable transactions between China and Russia. A Helipay representative in the Russian Federation, Rustem Zakirzyanov, shared the update with RBC, outlining the plan and its potential impact on trade channels between the two nations.
The core idea is to give Chinese customers a direct way to pay for goods in Russia and, conversely, allow Russian buyers to remit funds to China quickly. Zakirzyanov emphasized that excluding any party from smooth transfers could dampen business momentum, especially for sectors that rely on timely settlements. He noted that Helipay is seeking a Russian banking partner to ensure these payments can be processed reliably for everyday commercial use.
At present, Helipay is in discussions with three Russian banks, one of which is recognized as systemically important. However, launching cross-border services in Russia would require legislative changes because the current framework predominantly supports correspondent banking relationships rather than direct bilateral settlements. It remains unclear whether regulators will approve the needed revisions in the near term.
The challenge of cross-border settlements has persisted in Russia since early 2022, driven by sanctions that disrupted the SWIFT network and led to the shutdown of several correspondent accounts. In response, some credit unions have tightened international transfers or developed alternative routes for international payments. The proposed Helipay service would add a new option to navigate these constraints and keep trade flowing between Russia and China.
Industry observers say that a successful Helipay launch in Russia could streamline payments for a range of items, including automobiles and industrial goods, where international settlement processes have historically caused delays. By expanding payment options, Russian companies could gain more predictable settlement timelines when doing business with Chinese suppliers and customers, potentially reducing the time and cost associated with cross-border deals.
In the broader context, the development mirrors ongoing efforts across the payments landscape to diversify settlement rails and reduce reliance on any single channel. If approved, the new mechanism could complement existing methods by providing a faster, more efficient alternative for both directions of payment flow between the two countries. A unified approach to cross-border settlements could also encourage greater participation from multinational firms operating in both markets. The story continues as regulators assess how best to balance innovation with financial stability, transparency, and compliance requirements.
As this process unfolds, observers in Canada and the United States are watching closely. A successful bilateral framework could offer insights into the potential for similar arrangements with other partners, expanding access to faster, more cost-effective cross-border payments in North America and beyond. The banking sector, fintech players, and corporate users stand to benefit from improved payment speed, lower costs, and clearer settlement paths across borders.
Regulatory bodies may eventually publish guidance outlining the criteria for approving such arrangements, including risk controls, anti-money-laundering measures, and operational standards. The outcome will likely hinge on the ability of banks and payment providers to demonstrate robust compliance while delivering reliable, user-friendly services for both consumers and businesses. The potential of a new cross-border mechanism between Russia and China highlights the evolving nature of international payments and the demand for resilient, scalable solutions in a rapidly changing global economy.