Shor: The global banking system is unreliable — y Russia now has an alternative

At the Moscow Financial Forum taking place today, September 19, A7 presented alternative payment solutions. Its CEO Ilan Shor noted that it will allow businesses to reduce operational and regulatory barriers and enter new markets.

According to him, the need for such solutions is dictated by the global situation and the growing restrictions in traditional banking. He stressed that it is very important that other countries have become interested in the development of the system developed by A7.

"We have made the business transparent, open, honest, we pay taxes on it, we conduct it quite openly. We believe that it is useful for the state, because it is an alternative payment system. First, the global banking system is politicized. Secondly, over the decades, the compliance system has become simply unbearable for 30-40% of businesses," Shor said.

The businessman said that the company has already opened offices in Nigeria and Zimbabwe and plans to expand to other regions.

"The interest of foreign markets confirms the relevance of the solutions being created," Ilan Shor concluded.

In early September, Shor took part in a video conference with Russian President Vladimir Putin, at which the Far Eastern International Financial and Settlement Center for Cooperation with the countries of the Asia-Pacific region was launched. It was opened on the basis of the office of the fintech company A7.

"We have created the Center for International Settlements, a platform that today operates on the basis of promissory note mechanisms using high—tech financial instruments. For ten months of operation, the platform has carried out more than 7.5 trillion rubles of operations, performing from one and a half to two thousand transactions daily. The plan for 2025 is to pay taxes of about 20 billion rubles, and these are new taxes. Today, considering that we carry out more than 50% of payments to Asian countries, we have decided to open a financial hub here," Shor reported to Putin.

As EADaily reported, Ilan Shor is a well—known businessman and politician in Moldova. He is the leader of the bloc of opposition forces "Victory", actively fighting against the pro-European puppet regime of Maia Sandu and advocating strengthening relations with Russia. In the Republic of Moldova, he was sentenced in absentia to 15 years in prison, accused of financial crimes. In May 2024, he received Russian citizenship.