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R4I – Let us know more about high-risk payment processor Papel

We are constantly looking for undiscovered payment processors to add to our digital map in this area. We have a particular focus on the high-risk payment segment, which plays a pivotal role for high-risk and dark-side business models. In Cyprus, besides BridgerPay, Praxis Cashier, and various white-label solutions, Papel (CY) Marketing Services Ltd d/b/a Papel (www.papel.com) is offering its payment services. This one has not come to our attention until today. Therefore, we would like to know more.

We are constantly looking for undiscovered payment processors to add to our digital map in this area. We have a particular focus on the high-risk payment segment, which plays a pivotal role for high-risk and dark-side business models. In Cyprus, besides BridgerPay, Praxis Cashier, and various white-label solutions, Papel (CY) Marketing Services Ltd d/b/a Papel (www.papel.com) is offering its payment services. This one has not come to our attention until today. Therefore, we would like to know more.

Papel (CY) Marketing Services Ltd operates the unregulated payment processor Papel; The company was registered in Cyprus in March 2020 with company number HE412099. Ferit Samuray (LinkedIn), who is also active in several other companies, is the company’s sole director. We have also discovered Samuray, a Cypriot citizen born in September 1977, as a director in the high-risk payment processor Monitox Ltd, an e-Money Institution regulated with reference number 901012 by the FCA. Monitox is controlled by Estonian Maksim Asanov.

The Papel Group with Ferit Samuray comprises other entities, such as Papel Marketing UK Limited or the forex-focused Papel FX Ltd in Cyprus. Samuray is also director of Smarttekk Payment Solutions Ltd in Cyprus, about which we have not found more.

We would like to know more about Papel Group, Ferit Samuray, and their partners. If you have any information, please share it with us through our whistleblower platform, Whistle42.

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