Monoup news digest: main updates from fintech industry
Friday news from Monoup provides today a closer look at the biggest stories of the week. The fintech industry has hit the ground running this year: broad adoption of crypto rails, tightening AML controls, and the ongoing push for cheaper payment alternatives to credit cards are all driving the space forward. We're here to tell you exactly where some of its key players are headed.
Mastercard is moving forward with its acquisition of crypto startup BVNK — despite the deal falling through last year. The official company website confirms the agreement has been reached and is now awaiting regulatory approval.
Pakistan's SadaPay, on the other hand, is having a rough week. The payment system — a subsidiary of Turkish giant Papara — found itself in the spotlight for all the wrong reasons. A technical glitch triggered unauthorized charges from customer accounts, with some balances going negative. Users quickly connected the incident to Papara situation, but is the picture really that clear-cut?
Let's dig in.
SadaPay “loses” customer balances
This week, users of the Pakistani payment system noticed unfamiliar transactions charged from their accounts — and when the majority of affected customers turned to customer support, they struggled to get a response. SadaPay attributed the issue to a technical error and assured customers there was no cause for concern. Still, the incident triggered a public reaction, largely because of the company's direct ties to Turkey's Papara.
Papara acquired SadaPay back in 2024 as part of its expansion into new markets — a logical move at the time. Today, Papara finds itself in a far more difficult position, facing a criminal case on money laundering. Its license remains technically valid as it was reinstated through the courts after being abruptly revoked, but the company is now under external management and heavy regulatory scrutiny.
The founder and others implicated in the alleged scheme involving gambling operators are facing real prison time. The founder alone is up against charges that could carry a 28-year sentence. The case is still ongoing and it's too early to call the outcome, but the company's operations are currently constrained by the decisions of a trustee.
Meanwhile, SadaPay own founder recently stepped down, followed shortly by a senior executive who had essentially built the company from the ground up. Taken together — the leadership exits, the parent company's legal troubles, and now sudden technical failures — it's understandable why customers are rattled. Funds have been promised back, but what happens next remains unclear.
The press and public have already drawn a line between SadaPay current problems and Papara situation, though we haven't found any facts that directly confirm that connection. Despite the corporate relationship, SadaPay operates as a separate legal entity and is regulated in Pakistan, not Turkey. At the same time, some consequences may appear such as change of ownership, for instance, if Papara can no longer sustain this asset.
Kaspi KZ exits its Ukrainian business
Kazakhstani fintech giant published its annual reports that revealed Kaspi KZ fully exited from Ukrainian payment service Portmone at the end of 2025, selling its 100% stake to an undisclosed buyer.
Kaspi had held the payment system since 2021, with plans to build a super-app in Ukraine and challenge EasyPay and iPay. The group even attempted to acquire a local bank but unsuccessfully. Without a banking license, replicating the full-coverage model it runs in Kazakhstan wasn't feasible, and the current situation in the country doesn't exactly improve the outlook for international business.
That shift in strategic reality is why Portmone no longer holds the investment value that originally attracted Kaspi. The bank has now set its sights on new markets, with Turkey as the new direction.
Mastercard acquires BVNK
The payment system has officially announced acquisition of the crypto startup, expected to close before the end of the year. BVNK's potential sale first surfaced back in October, when Coinbase and Mastercard were named as the two main contenders.
Ultimately, only Coinbase made it to final negotiations — but those talks did not end up into agreement. Mastercard, meanwhile, had shifted its attention to another crypto startup, Zerohash, which walked away from the deal and chose to stay independent.
But Mastercard never really let go of BVNK, and the acquisition valued at $1.8 billion is now confirmed.
BVNK was founded five years ago and has grown into a notable player since. Visa is among its investors, and its services compete directly with Bridge, which is now part of Stripe.
Bithumb fined $24 million for AML violations
South Korea's largest crypto exchange has been hit with a $24.6 million fine for inadequate anti-money laundering controls. Regulators uncovered 6.65 million violations across KYC and transaction monitoring — the exchange had been processing payments it should have blocked under current rules. Because of these findings, compliance officer was suspended for six months, and the CEO received a formal reprimand.
The exchange will face operational restrictions for six months, primarily affecting onboarding of new users. Existing customers are unaffected, while recent sign-ups will be subject to limits.
This is the largest fine ever issued to a crypto company in Korean history. Bithumb has made our Telegram feed before — you may recall the story where an employee accidentally sent users 2,000 BTC each as part of a promotion instead of 2,000 Korean won.
That's the week in fintech. Stay connected with Monoup on Telegram to always be the first to know, and check out our reviews and in-depth articles on the website section MonoTalks.
