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October 17, 2023

Speed up of OLKY group's Web3 strategy and recruitment of Karima Lachgar

The Luxembourg and France-based Olky financial group has been operating in the payments, Fintech and Open Banking sectors since 2011. On the sidelines of the Luxembourg Blockchain Week 2023 of which it was a sponsor, the group announces, today, the creation of its French subsidiary OlkyWallet, the on-the-verge submitting of an application for CASP approval to the Financial Markets Authority (“AMF ") as well as the recruitment of Karima Lachgar, former lawyer at the Court and former partner at the Osborne Clarke France lawfirm.

Since 2021, a Web3 positioning with OlkyPay's PSAN offer and the KYCOIN utility token for KYC/KYT services (OlkyPass)

The Olky group offers, through its payment institution OlkyPay, a complete range of payment and Open Banking services dedicated to the crypto sector. Since 2021, regulated PSANs can open payment accounts for their own needs or become agents of OlkyPay for the automatic or semi-automatic opening of payment accounts and electronic payment acquisition operations dedicated to users of digital asset services ( by transfers, bank cards or Instant Payment). The OLKY group also offers a service token called KYCOIN, which makes it possible to integrate a KYC and KYT pass (OlkyPass service) into the processing of on-and-off ramp flows or crypto-to-crypto flows, thus ensuring compliance of transactional flow management solutions. OlkyPass services adapted to the specificities of crypto sector risks can also be offered, as a white label, to PSANs and corporates present in Web3.

Next steps :

The KYCOIN utility token registry should switch to Polygon by the end of 2023. Furthermore, capitalizing on its financial profitability and structured growth, the Olky group will present, by the end of 2024, an OlkyWallet offering of digital asset services.

The group, which counts more than 65 employees, is organized by business activities with automated processes and IT, compliance and back office teams covering 10 sectors, including the crypto sector which is on the side of more than 130 Web3 players. . OlkyWallet will offer custody, purchase/sale and conversion services for digital assets and is positioning itself to obtain approval allowing it to then claim the European status of CASP (PSCA) provided for by MiCA. In this regard, Chairman Franck Rouayroux states: “our group is voluntarily positioned in all sectors of activity, including “high risk” such as blockchain start-ups PSANs. These are struggling to find resilient banking and financial partners capable of supporting high transaction volumes. To do this, our group's entities have developed several real-time KYC and KYT risk management tools based on the OlkyPass service. In addition, the arrival of Karima within Olky is a natural evolution of our Web3 strategy. Karima has been supporting us for several years in the implementation of our crypto and Open Banking strategic roadmap. She supported the launches of KYCOIN and our KYPAY payment solution. Her arrival coincides with an acceleration of our IT, back-office and compliance recruitment on our sites in Luxembourg and France in order to successfully complete our strategic roadmap and be in capacity by the end of 2024 , to offer to our B2B and B2C customers a complete range of Web3 services.”

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