BRICS needs its own payment system: Russian finance minister

China

BRICS needs its own payment system: Russian finance minister

2024-10-23 11:45 Last Updated At：16:27

Russian Finance Minister Anton Siluanov has stressed the need for the BRICS to create alternatives to the current system of payments and settlements, which has been politicized by the West.

He made the remarks in an interview with China Global Television Network (CGTN) ahead of the 16th BRICS Summit, which kicked off Tuesday in Kazan, Russia.

"We see that the payment system has recently become politicized. Western countries restrict payments and money transfers through banks. They limit the use of the financial message transmission system. Therefore, in order to ensure the independence and stability of our trade relations, there is a question of creating our own settlement system, our own system for transmitting financial messages," Siluanov said.

The Russian minister also noted that BRICS countries need to create inter-depositary relationships, so that investors could invest money without hindrance.

It is proposed to do this on the basis of blockchain technologies and other modern technologies, which will be a step forward compared with the current systems between depositories, he added.

BRICS began with Brazil, Russia, India, China and South Africa, and has now evolved into an influential international cooperation mechanism with an expanded membership.

Other than the countries that officially joined the BRICS family on January 1, 2024, over 30 countries like Thailand, Malaysia, Türkiye and Azerbaijan have either formally applied for or expressed interest in membership.

The 16th BRICS Summit from Tuesday to Thursday marks the first in-person BRICS gathering since its expansion.

"The BRICS is a new group which is very important, and whose cohesiveness is essential for a peaceful world," said Celso Amorim, special advisor to the President of Brazil.

Seniors' social clubs gain popularity among retirees in Shanghai

A growing number of newly retired residents in Shanghai are turning to one-stop social clubs designed specifically for seniors, reflecting rising demand for social activities and entertainment among the city's senior residents.

At one such club in Shanghai's Minhang District named Yitian, visitors can spend an entire day socializing, dining and taking part in activities including dancing, karaoke and board games. For just over 100 yuan (14.5 U.S. dollars) per person, the all-inclusive package covers two freshly cooked meals as well as access to entertainment facilities such as a dance floor and a professionally equipped stage.

Many customers say venues like this provide a rare platform where retirees can gather with friends, perform and stay socially active.

According to the Yitian Club's operations manager Qian Ziqing, around 99 percent of the customers are newly retired people between the ages of 55 and 65. Their main motivation is to reconnect with friends and maintain an active social life. He added that many in this group remain in good physical condition and have spending power and consumption habits comparable to younger consumers.

Qian said similar one-stop venues were rare when the club first opened, which helped attract strong customer demand. Many visitors would return shortly after their first visit, with the same-day repeat rate sometimes exceeding 50 percent.

Since opening its first location in 2023, the brand has expanded to four outlets in just over two years. Each store now records average monthly sales of more than 2 million yuan (about 290,000 U.S. dollars).

Industry observers say the model is not simply about dining, but about creating a dedicated social space for seniors. Through scaled operations, the clubs are able to lower costs while maintaining a wide range of services and experiences for customers.