Fintech | FinTelegram News

Category: Fintech

January 7, 2021

High-risk payment processor PXP Financial provides payment services to BetMGM in the U.S.

High-risk payment processor PXP Financial Limited is systematically developing its partner network to enter the attractive U.S. market. In December 2020, the company announced a partnership with MoneyNetInt Group to expand cross-border payments. Now it has partnered with U.S. gaming operator BetMGM, a joint venture between MGM Resorts and Entain. PXP Financial used to be part of the British Entain group until 2017 and is currently a Singapore-based Senjō Group member company.

December 28, 2020

Initial Coverage – Israeli FinTech unicorn eToro allegedly prepares for $5 Billion IPO in 2021

The global COVID-19 crisis is unlikely to prevent 2021 from being a promising year for stock markets and FinTechs. UK FinTech unicorn TransferWise is reportedly currently evaluating a billion-dollar blockbuster IPO for 2021 led by Goldman Sachs. The latter is also said to be evaluating an IPO of the Israeli FinTech unicorn eToro on Nasdaq at a $5 billion valuation, Israeli Calcalist reports. Allegedly, it has been valued at about $2.5 billion.

December 27, 2020

Jeton Review Update – The Gambling Payment Processor and its Cyprus-Turkish reseller network

In our review of the Jeton payment platform powered by FCA-regulated entities La Orange and Financial House, we registered and tested the Jeton Wallet app. After we uploaded the required documents for verification, it took just under 10 days for the verification to actually take place. To that extent, we were able to continue the review and learn more about functionality and the Jeton environment. Here's the update on that.

December 25, 2020

Troubles for high-risk processor iPayTotal – Court order to wind-up and nasty Octopay rumors

A UK court entered an order to wind-up the iPayTotal Ltd. And then rumours relating Octapay Group to iPayTotal. Octopay's former CEO, Christian van Biezen was fired for various alleged misconduct. However, Biezen told FinTelegram that he refused to participate in the Octapay scam and was fired because of it. He claims that the economic owners behind Octapay would be identical to those behind iPayTotal. Now a new Chief Experience Officer, Davina Mungroo, has been appointed at iPayTotal.

Fintech

December 25, 2020

Crypto-rejecting FinTech unicorn TransferWise plans blockbuster IPO for 2021

A battle is currently raging between the old central bank-controlled FIAT monetary system with the dollar as the reserve currency and the new decentralized cryptosystem. Quantitative easing policies in the wake of various crises in recent years cast doubt on the FIAT system's sustainability. 2020 was also the year institutional investors got into Bitcoin. In 2021, FinTech unicorn TransferWise is planning a billion-dollar IPO - a FinTech that rejects the cryptosystem.

December 23, 2020

FinTech Review – High-risk payment processor Jeton

Jeton is operated by FCA-regulated agent La Orange Limited together with its FCA-regulated principal Financial House Limited. The payment service should be offered online via the website www.jeton.com as well as via the Jeton Wallet. Jeton offers its payment services to individuals and businesses (merchants). This is supposed to be done in a matter of minutes. The fact is that after more than a week, we still have no verification. According to their support, Brexit is to blame.

December 21, 2020

Finally gone! Disgraced Israeli Payment processor Bruc Bond et al vanished to Singapore

The Bank of Lithuania revoked the company's EMI license in April 2020. FinTelegram has previously alerted its readers in numerous reports. For this, FinTelegram has been sued for alleged defamation in Israel. The Bank of Lithuania actually fully confirmed the reports and turned the alleged defamation into a proven fact. In the meantime, Bruc Bond has disappeared from the EU and operates on the Asian markets with a MAS license in Singapore. They have gone to conquered Asia.

December 20, 2020

Islamic FinTech transaction – US Wahed acquires UK Niyah

Wahed Inc is a U.S. FinTech co-founded by Junaid Wahedna, its CEO. The company is based in New York and operates via its subsidiary Wahed Invest Ltd in the UK. In 2019, the company launched the first exchange-traded fund in the United States that was compliant with Sharia law. The FinTech operates in 130 countries and has a valuation of $100 million. The company announced that it would acquire Niyah, a British FinTech offering a banking app for Muslims.

December 20, 2020

AML: Another Chief Compliance Officer departs from GlobalNetInt

Lithuanian GlobalNetInt has had an audit from the Bank of Lithuania in recent months. The company focused on high-risk clientele appears to have compliance, KYC, and AML issues. Among the clients are many forex and crypto firms as well as payment processors associated with and/or facilitating scams. The problems with compliance were also confirmed to us by a consultant. Now the Chief Compliance Officer (CCO) is also said to have left the company.

December 19, 2020

European FinTech Ecosphere – Transactworld Group meets GlobalNetint

Paymentz is a part of the Transactworld Group of the Indian brothers Anupam Vassa and Amoolya Vassa. This group also comprises Transactworld Limited, Cyprus, and the FCA-regulated Transactworld Limited. The Transactworld Group has a close and multi-dimensional business relationship with the regulated Lithuanian GlobalNetInt UAB, which has the same beneficial owners as the FCA-regulated MoneyNetInt Ltd (together the “MoneyNetInt Group“).

December 19, 2020

Praxis Cashier plans to help brokers to raise client-victims deposits up to 20%

An estimated 6-7 out of 10 broker scams use Amit Klatchko's unregulated Praxis Cashier Systems Ltd (d/b/a Praxis Cashier) as a payment processor to process customer deposits. This gives Praxis Cashier the leading market position in the scam segment. With the integration of the broker CurrentDesk, Praxis Cashier aims to be able to increase deposits from "traders" (aka victims) by up to 20% again. This is totally bad news!

Fintech

December 17, 2020

PXP Financial and MoneyNetInt cooperate for cross-border payments

Regulated by the FCA with reference No 504318, PXP Financial Limited as an Authorized Payment Institution was originally founded as Kalixa Accept Limited by Austria's Bwin. Following the acquisition of Bwin by public-listed GVC Holdings PLC, Kalixa was sold to Senjo Group for €29 million in late 2019 and renamed PXP Financial. The company recently announced its cooperation with FCA-regulated MoneyNetInt Group. Senjo Group was one of the largest - and, according to the Financial Times (FT), most opaque - partners of the collapsed Wirecard.