Category: EMI

FinTelegram review of FCA-regulated payment processor DzingA
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November 3, 2023

Attention: FCA Imposed Restrictions On Dzing Over Alleged Scam Facilitation And Money Laundering!

UK FCA has tightened the leash on Dzing Finance Ltd, a payment institution controlled by Tatjana Orlova and Mikhail Nadel. Almost 20% of payments processed by the firm in the past year have been marred by fraud, prompting the UK Financial Conduct Authority (FCA) to step in with stringent measures.The FCA, on October 22, 2023, issued a firm yet concise notice, asserting that Dzing has consented to halt the onboarding of any new retail customers.
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German fintech Pliant receives e-money license in FinlandG
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August 10, 2023

German FinTech Pliant Secures EMI License In Finland!

Pliant, a German corporate credit card startup with Japanese funding, has successfully obtained an e-money license in Finland, as reported by PayRate42. Co-founded by Malte Rau and Fabian Terner, this development will grant Pliant greater autonomy from its partners and pave the way for its expansion into 25 countries. The fintech recently €26 million funding round from Japanese venture firm SBI and others.
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Swiss-Cyprus Payabl investment Klarpay announces new account featuresP
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November 14, 2022

Payabl-Investment KlarPay Announced USD AND GBP Accounts

Payabl Group-funded Swiss-Cypriot FinTech Klarpay, focused on online merchants and influences, has announced the launch of USD and GBP accounts. This addition enables its clients to send and receive USD and GBP payments globally via their corporate Klarpay account. With Klarpay’s Swiss IBAN accounts, businesses can transact through SEPA and SWIFT in more than 90 countries and 70+ currencies via its Dashboard and APIs.
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FCA-regulated PaysTree and its Latvian networkU
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August 2, 2022

Update On The FCA-Regulated Latvian PaysTree And Its Network!

In May 2022, FinTelegram published the initial report on the FCA-regulated e-Money Institution PaysTree and its network of companies and individuals. PaysTree and the network are controlled by Latvian citizens. One of the FCA-registered agents of PaysTree is the Hawex Group, which is allegedly controlled by iPayTotal founder Ruchi Rathor and her team. According to the UK Companies House PaysTree is controlled by the Swiss citizen Anselm Oskar Schmucki. Here is another update.
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FinTech companies in Lithuania continue to growR
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June 23, 2022

Regulated Lithuanian FinTech Sector Continues To Grow In 2022!

The Electronic money institution (EMI) and payment institution (PI) sector in Lithuania continued to grow in the first quarter of 2022, the Bank of Lithuania informed. Income from licensed activities of EMIs and PIs, which form the backbone of the licensed Lithuanian FinTech sector, increased 1.8 times in Q1 2022, compared to Q1 2021, to just over €170 million. The volume of payment transactions grew strongly in the first quarter of the year to €173.6 billion and was double the level of a year ago.
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PPRO appoints Rahul Raswant as CFOF
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June 20, 2022

FCA-Regulated German PPRO Appoints New Chief Financial Officer

The FCA-regulated e-Money Institution PPRO Financial is controlled by the German PPRO Holding GmbH and has affiliated companies in Europe, Asia, North and South America. The company was co-founded by Tobias Schreyer. In January 2021, the company announced a $180 million in funding at a valuation of more than $1 billion. Recently, the company appointed former Wayfair Europe finance executive Rahul Raswant as its new Chief Financial Officer (CFO). He takes over from Goetz Moeller, who will be stepping down after over 3 years at the firm.
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FCA-regulated Pixxles appoints Salma Kamaly as directorF
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June 6, 2022

FCA-Regulated Pixxles Appointed Salma Kamaly As Director!

The FCA-regulated high-risk payment processor Pixxles is allegedly the successor to the US-based T1 Payments group. The former T1 Payments manager and partner of its founder Donald Kasdon, Amber Fairchild, established the company in October 2018 and is its beneficial owner. Pixxles appointed Salma Kamaly as an additional director a few days ago, PayCom42 reported. Kamaly is purportedly a compliance expert who also serves as the sole director of JS Compliance Consultants Limited (JSCC).
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Verified Payments under investigation by Bank of LithuaniaS
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May 16, 2022

Statement Of Verified Payments To Our Report About Regulatory Audit!

On 5 May 2022, FinTelegram reported a regulatory audit of Verified Payments UAB d/b/a Verifo (www.verifo.com). The entity is regulated by the Bank of Lithuania, which scheduled an audit from May 6 to June 23, 2022, to assess the institution’s compliance with applicable anti-money laundering and terrorist financing requirements. FinTelegram has received a copy of the regulator's letter and additional insider information. Verifo sent a compliant to FinTelegram, which we publish in part below as a courtesy:
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Verified Payments under investigation by Bank of LithuaniaB
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May 5, 2022

Bank of Lithuania launches probe into fast-track payment processor Verified Payments

The Bank of Lithuania notified the e-Money Institution (EMI) Verified Payments UAB d/b/a Verifo (www.verifo.com), regulated by license no. 27, of an audit to be conducted during the period from May 6 to June 23, 2022. The purpose of the audit is to assess EMI's compliance with applicable anti-money laundering and terrorist financing requirements. In addition to the online banking platform Verifo, EMI also operates a white-label banking solution to leverage its license.
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SMTM Holding group of companies on FinTelegramW
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April 26, 2022

Whistleblower Request – The Estonian SMTM Holding and its many payment ventures!

Until recently, SMTM Holding and its various payment ventures were not on our radar. However, in our review of the offshore broker GrandCapital, the high-risk payment processor Black Rabbit came to our attention as a facilitator for crypto payments. It is operated by the Canadian Magua Pay Inc., which also does business as Magua Pay. Magua Pay Inc is just one of many payment ventures of the Estonian SMTM Holding of Israeli Moriel Carmi and Ukrainian Dmitri Orlov. We want to know more about it.
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Update on Equals Group of fintech companiesA
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March 31, 2022

An FCA warning & an update on Equals Group with its network of payment processors!

The UK FCA issued a warning against WorldWiseFX a few hours ago, stating that this company would act as a clone of the FCA-authorized CurrencyWave Ltd. Indeed, the websites of CurrencyWave and WorldWiseFX are almost entirely the same. Both claim to act as agents for FCA-regulated firms. However, CurrencyWave is a registered agent of Equals Connect Limited, an FCA-authorized payment processor of the Equals Group, along with 64 other agents. Here's an update on the Equals Group.
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MoneyNetInt and GlobalNetInt group of companiesA
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March 23, 2022

Attention! Regulated high-risk payment processor GlobalNetInt is now payswix!

In June 2021, the Lithuanian-Israeli e-Money Institution GlobalNetInt (GNI), related to the FCA-regulated MoneyNetint Group, was penalized by the Bank of Lithuania for its violations of anti-money laundering and terrorist activities financing rules. GNI has to pay €350,000 because it did not properly assess the risk posed by customers and did not always ensure that customer identification remotely complied with legal requirements. GNI has been a notorious scam facilitator and is now doing business as payswix.
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