The Central Bank of Cyprus has granted Russian-owned Unistream the license for money transfers activity on the island. Unistream established the new company, Unistream Cyprus Limited in December of 2005 with a head office in Nicosia.
Since then the company started preparation activity and an application was filed immediately with the Central Bank.
Now when the license is obtained, Unistream is planning to start its business activity on the island within two months and is expected to give its main competitors, Western Union and MoneyGram a run for their money.
"Unistream is expanding as an international company. We sign new deals with foreign partners and the number of service points around the world is growing increasingly," said CEO Souren Hayriyan.
"Getting the license in Cyprus is an important step in establishing the company as a dynamic world money transfers business. We consider Cyprus as a very promising country with a lot of tourists and foreign workers residing in the island. Besides that, Cyprus is a very important stage to enter the EU's market."
Hayriyan added that Unistream’s advantage is its low commission rate that starts from 2.5%, with no minimum or maximum order.
Constantinos Tsaggaris, the director for Unistream Cyprus said that getting the license is the company’s recognition as a solid money transfer network internationally.
"Getting the license was not an easy task. We had to supply a lot of documents to the Central Bank of Cyprus and the associates in the Central Bank studied the documents carefully before we were issued the license."
Tsaggaris said that in Cyprus Unistream will follow its universal strategy of inexpensive, convenient, reliable and fast money transfer services.
"I am sure we will be able to offer very competitive services to the customers and will successfully compete on the Cyprus market," he said.
Hayriyan said the company plans to set up five service points in all towns, including Nicosia and Limassol.
Unistream is the Moscow-based international money transfer system with over 22,000 service points around the world. In 2005, the system's turnover reached USD 760 mln, while in the first half of 2006 alone the amount of transactions has already reached USD 630 mln, on target to reach a turnover of USD 2 bln for the whole of 2006.