Papaya has announced its partnership with SME Bank in order to strengthen the process of safeguarding customer funds.
Following this announcement, the collaboration is set to take effect following the completion of all required formalities and regulatory steps.
In addition, the initiative will focus on the companies’ shared commitment to provide secure and compliant customer funds. Both Papaya and SME Bank will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
More information on the Papaya x SME Bank partnership
According to the official press release, under this arrangement, all client funds will be held in segregated accounts at SME Bank, fully separated from Papaya’s corporate finances. At the same time, this safeguarding structure was developed in order to meet the strict requirements of EU regulations and ensure that customer funds remain protected and unaffected in the unlikely event of financial difficulties affecting the institution.
Furthermore, this dual-banking safeguarding model is set to provide a multi-layered security framework designed to ensure confidence and peace of mind, while the forthcoming SME Bank will focus on safeguarding account forms part of a broader, ongoing strategy to strengthen the infrastructure.
This step aims to strengthen the foundation of Papaya, as its users across the globe will continue to leverage its services in order to manage their money. The new safeguarding account will focus on providing them with the possibility to benefit from reliability, transparency, and regulatory development, while also accelerating the overall growth of the industry.
