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Category: Payment Institution

August 16, 2023

Ecommpay Offers Local Acquiring For Merchants In The U.S.

Ecommpay, a global payment processor and card acquirer in the UK and Europe has introduced local acquiring services in the U.S. This initiative empowers merchants from the UK and EU to venture into the North American market. Furthermore, Ecommpay is offering a safeguard against chargebacks from fraud-related issues to ensure that merchants don't suffer unnecessary losses of both time and money when faced with chargebacks.

August 15, 2023

Mastercard Goes Africa And Buys Stake in Mobile Payment Operator MTN at $5.2 Billion Valuation!

Mastercard has agreed to purchase a minority stake in the fintech division of MTN Group, Africa’s largest cell phone provider, which it values at $5.2 billion on a cash and debt-free basis. While the specifics of Mastercard's investment will remain confidential until the deal's completion, which will likely occur soon as both parties near the end of the due diligence process. This news has led to a significant surge in MTN's stock, marking its highest increase in three months.

June 5, 2023

Brazilian Crypto Exchange Mercado Bitcoin Receives Payment Institution License

Mercado Bitcoin (website), the largest crypto exchange in Brazil, has obtained a payment institution license from the country's central bank. This license allows the crypto exchange to operate as a payment institution and issue electronic money. The crypto exchange plans to offer its payment services through MB Pay. This will enable the exchange to provide Brazilian users with digital banking services using their held crypto assets.

June 1, 2023

UK Regulator FCA Informed That Payment Institution Monneo Was Put Under Special Administration

On 30 May 2023, the UK Court made a special administration order concerning Monneo Ltd under the Payment and Electronic Money Institution Insolvency Regulations 2021. Daniel Conway, David Hudson, and Paul Allen of FRP Advisory have been appointed joint special administrators (JSAs). Monneo is an FCA-authorized payments institution and was founded in 2016. The Directors of the firm applied to court as they concluded that the firm was insolvent.

April 12, 2023

London-Based Payment Processor Ryft Secured FCA License As Payment Institution!

Ryft a/k/a RyftPay, a UK fintech with the ambition to emulate the success of Stripe, has secured an FCA license as an Authorised Payment Institution following its £1.2 million seed round in August 2022. Ryft is supported by SFC Capital and the ex-founder of Shutterstock and the founder of LoveFilm. The London-based company’s payment solution integrates into an online marketplace and accepts payments from all major cards, along with Google and Apple Pay.

March 23, 2023

Short Seller Attack On Block: Allegations Of Inflated User Metrics and “Frictionless” Fraud Facilitation!

Block (previouslySquare) is an NYSE-listed $44 billion market cap company established and controlled by Twitter co-founder Jack Dorsey. After a two-year investigation, short-seller Hindenburg Research..

March 1, 2023

Interesting: Klarna CEO Received Pay Increase Despite Record Loss And Staff Cuts!

Swedish Klarna has posted an eye-watering annual loss for 2022. The annual losses exploded to SEK10.4 billion ($1 billion), up from SEK7.1 billion ($680 million) in 2021. However but the Swedish buy now, pay later company raised its CEO’s pay by more than a third. Net losses narrowed in the fourth quarter to SKr1.9 billion from SKr4.6 billion a year earlier. Credit losses were SKr1.4 billion in the three months, an improvement of 18% in the same period in 2021.

February 17, 2023

The Key Differences Between Hong Kong & Singapore for Business Owners

Hong Kong and Singapore are both known for their thriving business environments and are considered to be among the top cities for business in Asia. Both cities offer a mix of modern infrastructure, favorable tax policies, and strategic locations, making them attractive destinations for businesses looking to expand their operations. However, with so many similarities, it can be difficult for business owners to determine which city is the best fit for their needs.

December 15, 2022

How Online Payment Pioneer Became A Black Mirror Episode? Will Twitter Become An Alternative?

PayPal pioneered new-generation online payment services almost 25 years ago. You could send and receive money simply and easily via your email address. It was a cheap alternative to credit cards and banks. PayPal was founded by today's tech giants Peter Thiel, David Sacks, Max Levchin, and Elon Musk. In recent years, PayPal has systematically earned a bad reputation. Musk refers to PayPal as a Black Mirror episode and indicates that Twitter might soon become an alternative.

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.

Paxum Bank: The Offshore Bank for the Porn Industry!

Paxum Bank, an offshore financial institution based in Dominica, has found itself at the center of controversy due to its connections with high-risk industries and recent revelations about its relationship with the embattled Tate brothers. Specializing in serving the adult entertainment sector, the bank has become a key player in providing financial services to businesses often shunned by traditional banks. However, this niche focus has also drawn scrutiny from regulators and investigators.

Tate Brothers Case: The Misogynist Influencers Used Offshore Accounts to Launder Proceeds from Sexual Exploitation!

New evidence suggests that the influencer Andrew Tate and his brother Tristan Tate used offshore accounts, including Paxum Bank, to conceal profits from their controversial webcam business. The Tates are facing serious charges, including human trafficking and money laundering. This case highlights the need for robust AML/KYC practices, particularly for payment processors in high-risk sectors like adult entertainment.

UK FCA Charges First Individual for Operating Illegal Crypto ATM Network for Money Laundering!

The UK Financial Conduct Authority (FCA) has charged London-based Olumide Osunkoya with running an illegal crypto ATM network, marking the first case of its kind in the UK. As crypto ATMs are increasingly used for money laundering, the FCA's crackdown on unregistered operators underscores the need for strict regulatory compliance. The ATM scheme allegedly processed £2.6 million in crypto transactions.

Public-Listed Crypto Exchange Coinbase Has to Face Shareholder Lawsuit Over SEC Risks!

U.S. crypto exchange Coinbase must face a shareholder lawsuit accusing it of downplaying regulatory risks, specifically the chances of being sued by the SEC. While a U.S. judge dismissed parts of the case, the key allegation of misrepresenting regulatory risks will proceed. This case underscores the importance of transparency in the crypto sector, where regulatory uncertainties continue to loom large, particularly in the U.S.

U.S. Regulator SEC Charges Seven Public Companies for Violating Whistleblower Protection Rules!

The U.S. Securities and Exchange Commission (SEC) charged seven public U.S. companies with using agreements that restricted employees from reporting securities law violations, resulting in over $3 million in penalties. The SEC takes strict action against organizations and individuals who seek to contractually restrict whistleblowers' rights. The regulator needs insiders to disclose financial wrongdoing and compliance violations.