Chinese e-commerce giant Alibaba signed a brand new strategic partnership with several Russian firms Tuesday, which will form a brand new e-commerce platform as well as utilize Russia’s own payments system.
The deal — signed at the Eastern Economic Forum (EEF) in Vladivostok, Russia — includes the sovereign wealth fund of Russia, the Russian Direct Investment Fund (RDIF), alongside mobile operator MegaFon as well as internet group Mail.ru. The partnership is actually aimed at integrating Russia’s key consumer internet as well as e-commerce platforms, as well as also launching a leading social commerce joint venture in Russia.
Alibaba added Tuesday that will the idea is actually to create a one-stop destination for consumers to communicate, socialize, shop as well as play games, all within the same online ecosystem. A Financial Times article last week also likened the venture to a digital variation of China’s silk road initiative.
“Collectively, the parties will inject brand new capital, strategic assets, leadership, resources as well as expertise to create an unmatched value proposition for merchants, consumers as well as internet users across Russia as well as the CIS (Russian Commonwealth), as well as accelerate the development of Russia’s rapidly growing digital economy,” a press Discharge stated Tuesday.
According to the statement, Alibaba will contribute AliExpress Russia, its local e-commerce arm, to the partnership which could enable the Chinese firm to reach out to a larger audience in Russia. that will also said that will would likely look at injecting money into the venture.