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Regulation news in Russia positive for QIWI, says JPMorgan

JPMorgan believes news that the Central Bank of Russia may consider introducing a minimal capital requirement of RUB10M for payment distributors could drive further consolidation of the payments market. The firm views the news as positive for QIWI, and notes the company currently operates with payment distributors that already comply with the capital requirements. JPMorgan has an Overweight rating on the stock.