Ukraine’s National Bank excludes Fondy payment system from its register considering their activities risky
The National Bank of Ukraine (NBU) canceled Elaens
Financial Company LLC (TM Fondy) registration as an indirect participant in the
Visa and MasterCard international payment systems, NBU message wrote on its
site.
The decision was made in connection with the financial company’s risky activities threating Ukraine’s national security after NBU received information about FC Elaens activities from law enforcement agencies during February-April of this year.
"To verify and confirm the received data, the National Bank addressed a clarifying request to the state body of special purpose with law enforcement functions and received documented information that the activities of an international payment system participant may pose threats to Ukraine’s national security," the NBU noted.
The parent company of Georgian largest commercial bank, TBC Bank Group Plc, received permission from the Antimonopoly Committee of Ukraine (AMCU) to purchase the Fondy payment platform, as it was reported on April 26.
Fondy is an international payment service for businesses that provides payment processing in more than 150 currencies and allows to accept payments from customers in more than two hundred countries around the world. The company provides services to eCommerce, SaaS, marketplaces, platforms, HoReCa, EdTech, charitable foundations, etc.
FC Elaens was registered in September 2013, from October of the same year - as a financial institution, and at the end of April last year, the National Bank entered it into the Register of Payment Infrastructure and issued a new license for transferring funds without opening accounts. Valeriya Vaharovska is the company’s owner.
The company’s revenue increased by 85.2% to UAH 533.77 million ($13.4 mln USD) last year, while its net profit increased by 87.4% to UAH 1.81 million ($45.6 thousand USD), clarity-project resource reported.
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