Key Data

• Trading Name: MGL Wallet 
• Legal Entity: MGL Wallet Ltd 
• Activities: Payment Solution Provider
• Location: Cyprus
• Regulations: Electronic Money Institution by the Central Bank of Cyprus.
• Key People: Alexios Nicolaou/Vadim Rumiantcev/Andreas Aloneftis/Christos Sofokleidis

MGL Wallet Ltd is a Cyprus-based FinTech company offering online payment solutions tailored for individuals and businesses. It holds a license from the Central Bank of Cyprus ( and provides multi-currency e-wallet accounts and merchant services.

Offering

MGL Wallet Ltd, a Cyprus-based FinTech company, provides bespoke online payment solutions for both individuals and businesses. It is licensed as an Electronic Money Institution by the Central Bank of Cyprus.

Key Offerings:

1. Multi-currency E-wallet Accounts:
   • Supports transactions in major world currencies.
   • Ensures secure and smooth online payments.
2. Payment Execution:
   • Offers merchant accounts with a variety of global and local payment methods.
   • Includes antifraud solutions for secure transactions.
3. White Label Solutions:
   • Customizable interfaces tailored to business needs.

Global Coverage: MGL Wallet provides services across the European Economic Area (EEA) and supports diverse top-up and payout methods.

Regulation

MGL Wallet Ltd is regulated as an Electronic Money Institution by the Central Bank of Cyprus under License No. 115.1.3.34/2021. This regulation ensures that MGL Wallet adheres to strict financial standards, providing secure and reliable online payment solutions within the European Economic Area (EEA). Compliance with regulatory requirements includes robust anti-fraud measures and maintaining high levels of financial stability and transparency, offering customers confidence in their multi-currency e-wallet accounts and payment execution services.

Key People

The directors of MGL Wallet Ltd, a Cyprus-based fintech company, are:

1. Christos Sofokleidis – Director
2. Vadim Rumiantcev – Director
3. Andreas Aloneftis – Director
4. Alexios Nikolaou – Director

Customer Reviews

Notably, there are no customer reviews available about MGL Wallet. This absence of feedback is a concern for potential users, as it makes it difficult to gauge the platform’s reliability, customer satisfaction, and real-world performance.

Russian Connections

MGL Wallet, a Cyprus-based fintech company, was previously controlled by VK Company Limited, a major Russian internet group. In July 2023, VK sold its controlling interest in MGL Wallet for 1 million euros. This sale marked the end of VK’s ownership, which began with a binding agreement signed in late 2022. MGL Wallet specializes in online payment solutions for individuals and businesses within the European Economic Area (EEA)​

The buyer of MGL Wallet from VK Company Limited remains undisclosed.

The identity of the buyer has not been made public in any available reports or official statements​

Short Narrative

VK Company Limited, formerly known as Mail.ru Group, is a prominent Russian technology company specializing in internet communication, entertainment, and e-commerce platforms. The company was originally founded in 1998 and rebranded to VK in 2021.

Putin Connections

Russian billionaire Alisher Usmanov’s USM Holdings sold its 57.3% stake in VK (formerly Mail.ru) to Sogaz, a state-run insurer partially owned by Yuri Kovalchuk, a close associate of President Vladimir Putin. This transaction, aimed at allowing USM to focus on other portfolio companies, led to a 6.6% rise in VK’s depository receipts on the Moscow Exchange. Sogaz, initially founded by Gazprom, solidifies its influence in VK through this acquisition​.

Conclusion and Rating

MGL Wallet Ltd, a Cyprus-based fintech company, has significant connections to Russian interests, as evidenced by its previous ownership by VK Company Limited, a major Russian internet group. Despite its regulatory compliance and a range of services, the lack of customer reviews and transparency issues raise concerns. Given these factors, and the strong Russian connections, it is prudent to rate MGL Wallet Ltd as RED in terms of trustworthiness and risk assessment. This rating reflects the potential risks associated with its ownership history and the absence of verifiable customer feedback.