TA Legal Consulting closed a deal on establishing a partnership for mobile payments between Armenia and Russia
TA Legal Consulting Law Firm (Managing Partner Marat Agabalyan, Partner Ivan Tertychny and Junior Associate Anton Ivanov) accompanied the deal on establishment of a joint venture Universal Payment Technologies LLC by Idram LLC (Armenia) and Sovcombank PJSC (Russia).
TA Legal Consulting represented Idram LLC and a large Armenian bank IDBank CJSC. Sovcombank PJSC was represented by Bryan Cave Leighton Paisner Law Firm. The main goal of the joint venture is a strategic partnership in providing financial services.
Marat Agabalyan, Managing Partner of TA Legal Consulting, commented: «The deal was closed during the COVID-19 pandemic in Russia and Armenia that complicated its closing due to the unstable operation of notaries and registration authorities. Nevertheless, we managed to cope with all the difficulties due to the coordinated work of the team. The establishment of a joint venture by the largest issuer of e-money in Armenia and one of the leading Russian banks will improve remote customer service and increase the convenience of receiving various financial services. This is particularly relevant today».
Thus, the service created by Universal Payment Technologies LLC will allow the clients to open accounts and create electronic wallets, and subsequently make payments and money transfers between Russia and Armenia. The partnership of Sovcombank PJSC on a long-term basis depends on the results that will demonstrate the establishment of the joint venture.