Panayiotis Rougalas
The paperwork for ECM Partners’ planned purchase of half of payabl. has reached the Central Bank of Cyprus (CBC), which must approve the deal before it can go ahead. ECM Partners reached an agreement with payabl.’s shareholders last week. The proposal was submitted to the CBC on Monday morning. The deal needs CBC approval because payabl. is regulated by the central bank. The first estimates suggest approval could come in October 2026. The deal has been in the works since November 2025, so the talks had been underway for several months before the agreement was reached. The CBC appears to have been aware of the process.
The deal is expected to be worth more than €100 million. It will also give ECM Partners an entry into the electronic money and payments business, adding to its existing investments in healthcare, real estate, pharmaceuticals and construction. Buraciene will remain CEO after the deal is completed. The deal covers the entire payabl. business, not just its Cyprus operations. Payabl. operates in Cyprus, Germany, the United Kingdom, the Netherlands and Lithuania.
Payabl. expands Visa partnership to tackle payment disputes
Separately, payabl. announced Tuesday that it is expanding its partnership with Visa to help businesses in the European Union and United Kingdom handle payment disputes in real time.
Under the deal, ECM Partners will buy 50% of payabl. from shareholders Savvas Liasis and Andreas Georgallis. CEO Ugne Buraciene will buy the other 50%.
Payabl. will offer Visa’s Rapid Dispute Resolution service, or RDR. It allows businesses to resolve some disputes automatically before they become formal chargebacks, where a customer asks their bank to reverse a payment. The company said the service also allows businesses to issue digital refunds.
A recent payabl. report found that chargebacks have become one of the most common types of fraud faced by businesses. Among UK businesses surveyed, 31% said they had faced abusive payment disputes from customers, known as “friendly fraud.” Another 71% said current chargeback rules favor consumers and leave businesses carrying the financial cost.
Visa’s 2026 Global eCommerce Payments & Fraud Report found that 64% of businesses saw an increase in cases where customers misused payment dispute systems over the past year. One in four reported an increase of at least 25%.
Cyprus has 28 licensed electronic money institutions
The CBC said the electronic money and payment sector continued to grow in 2025 as demand for digital payment services increased. By the end of 2025, Cyprus had 28 CBC-licensed electronic money institutions and 12 payment institutions. The CBC said these companies have given consumers and businesses more payment options and increased competition in the local market.
The central bank’s annual report said the main risks facing these companies include technology and operational problems because their businesses depend heavily on digital systems and payment networks. Money laundering and terrorist financing are also key risks because these companies handle large numbers of transactions. Companies must also keep up with changing regulations and follow rules designed to protect customer funds.
During 2025, the CBC took several steps to strengthen its supervision of the sector. It expanded the team responsible for supervising these companies and increased cooperation with other European regulators. The CBC also carried out inspections at regulated companies and ordered corrective action where necessary.
It also began a review of how these companies protect customer funds and another review of their internal controls and reports to the CBC. The central bank also checked whether companies were following the rules for taking part in payment systems and issued new directives and circulars.
