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They're fusing the national payment providers many countries have naming it Wero.
They're also trying to work with India to bypass swift. [External Link]
Edit:
I give them >90% chance for achieving Wero
Just 60% for a successful Swift competitor.
China couldn't do it, Russia couldn't do it.
The EU does have a pretty serious market, their current system works EU wide and if this deal succeeds they might gain the backing of another serious market.
Also Trump is destroying the US market.
Yet, Swift's market dominance is legendary enough to move the worst dictators to tears and to make the CCP tremble.