Malta-based electronic money institution (EMI) Papaya Ltd has partnered with SME Bank to implement a dedicated safeguarding account – further reinforcing the company’s commitment to the secure and compliant handling of customer funds. This arrangement will take effect following the completion of all required formalities and regulatory steps.
“This step strengthens the solid foundation we’ve built,” said Igor Tsybolyuk, CEO of Papaya Ltd. “Our users across the globe trust us to manage their money — not only because of the features we offer, but because of how seriously we take their financial safety. The new safeguarding account reflects our long-term approach to reliability, transparency, and regulatory excellence.”
Under this arrangement, all client funds will be held in segregated accounts at SME Bank, fully separated from Papaya Ltd’s corporate finances. This safeguarding structure meets the strict requirements of EU regulations and ensures that customer funds remain protected and unaffected in the unlikely event of financial difficulties affecting the institution.
“At SME Bank, we understand that security is non-negotiable. That’s why we’re thrilled to partner with Papaya Ltd to help them enhance the safeguarding of their customer funds,” said Dovilė Bansevičienė, Chief Commercial Officer at SME Bank.
“Through this collaboration, we’re providing a dedicated safeguarding account that ensures all client funds are held separately from company finances. This measure helps Papaya Ltd meet stringent EU regulations and provides their global users with a robust layer of protection. We’re committed to being the trusted banking partner that financial institutions can rely on to secure their most important assets – their customers’ funds.”
Papaya Ltd already safeguards customer funds with another EU-based banking partner. This dual-banking safeguarding model provides a multi-layered security framework designed to ensure confidence and peace of mind. The forthcoming SME Bank safeguarding account forms part of a broader, ongoing strategy to strengthen the infrastructure.
About Papaya Ltd
Papaya Ltd is a financial institution registered and headquartered in Malta. Registration number C55146. As an electronic money institution (EMI) regulated by the Malta Financial Services Authority (MFSA), Papaya Ltd provides digital payment services including Mastercard payment cards and IBAN accounts for individuals and businesses, a PSD2-compliant solution enabling SEPA transfers, and offers co-branded and white-label mobile and online banking. The company also delivers PSD2-compliant API for fintech solutions as AISP and PISP, automated digital Know Your Customer (KYC) solutions, and personal and business International Bank Account Numbers (IBANs).
Source: https://www.fintechfutures.com/
