Oropay operates as an Electronic Money Institution (EMI), authorized and overseen by the Central Bank of Cyprus, holding the license Number No.115.1.3.23/2018. Our status as an EMI mandates the protection of customer funds in line with the Payment Service Directive (Directive (EU) 2015/2366) and the Electronic Money Directive 2009/110/EC, alongside the national laws that implement these directives, namely the Provision and Use of Payment Services and Access to Payment Systems Laws of 2018 to 2023 and the Electronic Money Law of 2012 and 2018, subject to amendments.
We ensure that funds provided for electronic money issuance are kept distinct from any funds belonging to individuals or legal entities, except for the electronic money holders for whom these funds are maintained. These funds, received in return for issuing electronic money, are held in separate accounts at reputable financial institutions until the electronic money is redeemed.
The safeguarding of funds continues until Oropay carries out the payment following your instructions. After the funds are withdrawn from Oropay’s account, they are no longer under Oropay’s jurisdiction.
Oropay facilitates your ability to make payments to or receive payments from third parties, conduct internal transfers, or add funds to your accounts. It is important to note that the balances in your account are not considered deposits or investments as per legal definitions and, hence, do not qualify for protection under the Deposit Guarantee Scheme (DGS) or the Investor Compensation Fund (ICS) offered by the Republic of Cyprus. Instead, the protection of your funds is achieved through our rigorous safeguarding processes.
