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SA SatchelPay, one of the leading European electronic money institutions, has been cleared by the Bank of Lithuania to resume all suspended services.
This comes after the Bank of Lithuania imposed a temporary hold on selected SatchelPay services, following concerns raised by an audit that took place last spring. SatchelPay was immediately informed of the positive decision by the Bank of Lithuania, which communicated crypto top picks 2022 all suspended services may be resumed.
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This exponential growth turned out to come at a cost for the firm, which was reflected in the accounting concerns that surfaced in the spring of crypto top picks 2022 year. By April ofSatchelPayin accordance with regulations laid out by the Bank of Lithuania, was obliged to provide the Bank with a set of audited financial statements and a profit distribution plan.
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The suspension took effect this August and was followed by a SatchelPay blog post assuring clients that the issues at stake were being addressed and the situation would be resolved shortly. In cooperation with the bank, SatchelPay refined its corporate structure to maximize risk mitigation measures and established a solid framework that can accommodate the anticipated future growth of the platform.
Story continues With the regulatory adjustments successfully integrated, SatchelPay looks poised to continue its upward trajectory, boosted by its next gen financial services.
The firm built up its formidable base of users with streamlined and comprehensive online banking services that seem to be on the forefront of an industry bringing the capabilities of individuals and corporations up to speed with the pace of the modern world.
Additionally, the company brought in new leadership to provide sure footing moving forward, most notably in new CEO Sergiy Barybin, an experienced professional with an ambitious outlook.
We are now ready to continue our growth and in the meantime have put stronger risk mitigation measures in place. We look forward to continuing our expansion and providing our customers with the kind of service that has earned us a reputation in the field. Issued an electronic money institution EMI licence in March ofby the end of the same year SatchelPay ranked 17th among EMIs in terms of revenue generated for the fiscal period.
SatchelPay is based in Lithuania and serves clients all over continental Europe. Disclosure: No positions in Mastercard Incorporated.
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