Georgios Chimonides

I am currently offering consulting services to two UK groups offering banking and financial services.

In STPay Euro Ltd, I have been the sole responsible person for applying to the Central Bank of Cyprus for the obtainment of an Emoney Issuing License, thus setting up the whole international operation/business, by creating the complete International Business Plan, constructed the 3 year financial projections, structuring the company infrastructure and BOD, building the Memorandum of Articles and Associations of the Organisation, creating the detailed Terms and Conditions of the website and of the Issuing and Aquiring products, conducting market and industry research and thus creating the right products and services through differentiation of pricing and product/service development, building the marketing plan. I was also responsible for targeting corporate international clients and following up with all the day to day internationally oriented managerial responsibilities of the company. Also responsible for the Business Development side, aligning customer needs with new product development. Executive Director and member of the BODs scheduling all BODs meetings and holding the minutes of the meetings also following up and achieving the targets of the resolutions.
I was responsible for managing the relationship with Trustwave on the Payment Card Industry Data Security Standard requirements for becoming PCI DSS Level 1 certified, coming into agreements with the various international gateway and processing and card issuing providers, and following up with all the processes for integrating their systems with ours and with each other, as well as in integrating and hooking up successfully the clients after evaluating KYC and DDD.
In addition, I have built all the relevant company policies, manuals, agreements with SLAs etc, up to the most detailed process and maintaining those with the departments in Cyprus and in Canada.
I was following up with the relationships with the Central Bank of Cyprus and managed to develop an outstanding rapport with the Licensing and Monitoring Department due to many years of extensive collaborations.
On a regular basis I was preparing the Cash flow statement and publishing it to the BODs reporting on the alterations between my budgeting and financial projections. I am also preparing and presenting to the BODs the complete financial reports of the Company and strategic planning along with monthly management accounts.
I have managed to complete the development of STPay Euro Ltd by achieving a 25% less of my overall budgeting.


The Canadian mother Company, Solidtrust Pay, which is a Payment Gateway Provider and
an Ewallet/Issuing Institution with its bigger market share in the US and in Canada with more than 1M active retail clients and more than 300 corporate. It is running its own tailor
made software with a customised source code and databases, which I was partly responsible for coordinating with the IT team in building. I also managed and assisted its banking European relationships, new product and services development, international sales and merchant/client screening targeting a balanced risk client portfolio, website content management and risk assessments, overseeing of chargebacks and client disputes,
Even though I was on a very beneficial remuneration package, I have decided to pursue my career elsewhere.

Powercash21 Ltd is a Payment Institution licensed by the Central Bank of Cyprus and it was
built from ground zero.
I have been the founder and also a member of the BODs (Executive Director) of Powercash21, (however with no shareholding/equity interest), and I was the only responsible person initially for obtaining the Payment Services/Acquiring License from the Central Bank of Cyprus thus building up the complete International Business Plan, constructed the 3 year financial projections, structuring the company infrastructure and BOD, building the Memorandum of Articles and Associations of the Organisation, the detailed Terms and Conditions of the website and of the banking products, conducting market and industry research and thus creating the right products and services through differentiation of pricing and product/service development, building the marketing plan etc. At a later stage after I have succefully obtained the Payment Services License I have prepared and applied a while before I resigned, an application also for obtaining an Emoney License.
Then I was responsible for setting up the company and coming into agreements with the various international gateway and processing providers and integrating those between them, building up the Business Requirements Documents, User Acceptance Manuals initiating Testings, evaluating client and associate/agent KYC and DDD and hooking up clients with relevant MIDs, etc.
In addition, I have built all the relevant company policies, manuals, agreements with SLAs etc, up to the most detailed process.
I have built, apply and followed up the applications for principal memberships to the Card Associations, VISA and MasterCard which were successfully evaluated, and then managed these relationships.
I have performed a market research on the online market and deliver valuable results which were then the basis when I have built the Sales and Marketing Plan.
I have followed up with the relationships with the Central Bank of Cyprus and managed to develop an outstanding rapport with the Licensing and Monitoring Department.
I have built and managed the Provident Fund of the Employees of Powercash21 being also the president.
On a regular basis I was preparing the Cash flow statement and publishing it to the BODs reporting on the alterations between my budgeting and financial projections. I was preparing


and presenting to the BODs the complete financial reports of the Company and strategic planning.
I was overseeing the relationships with Merchant Clients and coordinating the various group teams between Cyprus and Frankfurt.
I have managed to complete the development of the company by achieving a 10% less of my overall budgeting.
Even though I was on a very beneficial remuneration package, I have decided to resign and pursue my career elsewhere.

Travel & Express Group of Companies comprises of the mother company Pangypria EteriaYperastikon Taxi Ltd, which is the one and only licensed transportation provider of intercity connections and the Pangypria Eteria Metaforon Dematon Ltd, which is the 3rd biggest provider of courier services nationwide which I have achieved an increase of 26% in profits in 2009 a year of the Financial Crisis.
The group comprises of 12 offices and approximately 160 employees.
I have served as an Executive Manager of the General Management team made out of one more Executive Manager. My main management responsibilities were on Marketing and Sales, designing and developing the full computerisation of the group, managing IT, Research and Development, Market Research, Financial Modelling, minimising costs, managing employees, managing Health and Safety, replacing office managers, recruitment of new employees and so on.

I was employed initially on a project basis with a role of the Business Development Manager for creating an Emoney Institution to follow up with the groups’ needs which I have successfully developed in time zero. Moreover on top of that, I was also utilised by the company and hence responsible for the Cyprus operations and responsible for promoting the Groups’ products in selling currencies and various payment services. Some key areas of my overall day to day responsibilities were, managing the general sales and after sales services to international clients, offering financial risk management services to prospective and existing clients, promoting the company in magazines, international fairs and over the internet, managing the key partners and their commissions, designing new payment products e.g. International pension plan direct debit solutions and payments tailor-made for international property purchase instalments.


When I competed the Emoney Project, the group took the decision to apply to FCA in London
for the relevant license than in Cyprus as my suggestions were made, and since I have completed the essential project in which I was employed to do so, even though I had been offered a permanent position as a Business Development Manager within the company based in Cyprus, I decided to reject it and pursue my career elsewhere. I based my decision due to the fact that in 2008 the International Markets have faced a huge sluggishness (in regards to the online payment market for overseas property purchases and Forex need - then main market for the group) and it has been a group decision to cut down the international budget by 40% and increase the sales targets by 100%, in my view something unreachable. I took the decision to resign since I knew that my targets were unreachable. My position has been replaced by the Head of Overseas Operations Mr. Dimarakis and two months after my resignation they have closed completely the Cyprus operations. The Group has decided to withdraw physical operations from Cyprus.
In Moneycorp, I have gained the valuable experiences on various Payment Services and on dealing Currencies (had extensive trainings and seminars in London - specialized in Payment Services and in dealing Currencies). Moreover, I have gained experience in building up solid and profitable Key Partnerships with collaborators, and in managing operations on a mobile mode. In addition, I had to suggest to clients the best available payment option regarding their individual need, perform the required by the Law KYC process, and perform
Credit Risk Checks so as along with the compliance and credit risk departments to approve or disapprove a client’s account and payments.

FxPro have started operations selling Contracts for Difference (CFDs) and providing Currency Conversion Solutions after obtaining a Sysec license from the Cyprus Securities and Exchange Commission. Now they have grown to the extent of becoming one of the globally well known financial institutions in the provision of Forex trading services.
In FxPro I was initially employed as a Business Development Manager to develop the

Payment In and the Payment Out portfolio. The company was at its early stages (since it was incorporated only in late 2006) and its payment portfolio wasn’t wide enough. Developing a wide range of online payment options for “money in” and “money out” is of immense importance to online financial institutions and this is what I did initially. I have developed and presented to the company a project based on the development of various global payment methods and related gains to be achieved for the company if developing special methods of payments e.g. closed loop payment solutions and/or white label products.
Moreover, I have developed and presented a full E-Money Application, including, a five year analytical business plan, 5 years financial projections, corporate and retail terms and conditions, construction of the Memorandum and Articles of Associations and market and industry research.
However, after the successful completion of the two projects which I was responsible for, I had to reject the full time position offered to me, since my office was in Limassol and my house in Nicosia and the new terms of employment I was offered, wasn’t justifying the commuting hassle etc.
In FxPro I have gained valuable experience on how to turn a specific client base into a successful online business. I have developed two projects which have provided to the company a well sounded base for developing its current payment services. I have well understood in practice the benefits of developing and running a wide range of payment services on a global scale to match the various international consumers needs e.g. scratch cards used from those who have no bank accounts and in need of performing online payments. Moreover, I have realised the importance of being able to offer to their clients an inexpensive type of transacting over the internet, as this market continuously grows, as well
as an inexpensive solution to cash their funds out.

CSC24Seven.com is an E-Money Institution regulated by the Central Bank of Cyprus. Its product portfolio includes online payment solutions regarding the issuance of electronic money. It specializes on the issuance of Prepaid, Debit and Virtual cards as well as in the issuance of white label cards (branded cards) along with processing services to online merchants.
In CSC24Seven.com I was employed after I became headhunted by the General Manager of the company while still working in PrimeTel/ThunderWorx Ltd, with a proposal I couldn’t resist, and hence joined them as their Business Development Manager. I was the project manager for developing and setting up the IT infrastructure and along with Mr. Price we have followed up and successfully gained an E-Money license from the CBC. During the obtainment period of the E-Money license, even though the company was operational, I was responsible for setting up the company. In general, finding the right property, relocating overseas employees from Cape Town - S.Africa and Beirut - Lebanon, managing the day to day financial accounts, setting up bank accounts and wire transfer solutions, developing the web-site operations including developing the web-site content, developing prepaid and debit card solutions and white label products, targeting online merchants, developing process manuals, examining KYC from clients and double checking corporate compliance


documents, developing new products for new markets e.g. products designed for the Asian market and solutions that combine double use, for example a virtual card used for online transactions and for also topping up your mobile phones’ credit. Moreover, I have developed solutions which can be utilised by the Government e.g. for paying your road tax, car parking etc, either by the use of a PC or by the use of a mobile phone. In addition, I have developed
products that can be utilized by big multinational organisations e.g. a branded card, for example Columbia Ship Management Card, that can be offered to employees, debtors and creditors and any payment within the loop was treated internally on a closed loop circle, therefore, gaining from efficiencies in costs and in information which was in real time available minimising risks, fraud and maximises availability of cash withdrawals internationally, and also within the ships. Adding to these, I got involved in the management of key corporate clients examining their flow of payments and matching it up with their credit risk therefore revealing any suspicious transactions etc.
Except the above mentioned experiences, in CSC24Seven.com I have gained valuable knowledge on evaluating and understanding the benefits and the associated risks of the internet on a business and on a personal scale. In addition, I have gained skills to be accustomed to a fast paced changing, turbulent, dynamic, and therefore complex business environment where deadlines are priorities and handling multiple projects and jobs is a norm. I have been equipped with strong International Management knowledge and skills, as well as an in-depth appreciation of the various distinct cultures.
Even though I was on a very beneficial remuneration package, I have decided to resign and pursue my career elsewhere.

PrimeTel/Thunderworx Ltd was then the second biggest telecommunications provider on the island offering to individuals and businesses, telecommunication solutions consisting, telephony, internet connectivity and cable TV.
Contact Person: Mr. Andreas Christodoulides - Managing Director, tel: 25-867000.
It was the first job I got after my graduation of the MBA degree. I got employed by the Dutch then Business Development Manager in the position of the Corporate Sales Consultant, promoting the company’s corporate products to corporate clients. I was responsible for designing and developing individual corporate telecommunication products matching various corporate needs and having sales targets of successfully activating corporate clients. After a few months, I became one of the best sales people of the company also earned for seven consecutive months the Award of the Best Sales person of the company.
Even though the bright career future I had in the company, two incidents have triggered my resignation. The first was an ongoing internal issue, having my manager, the person who had employed me to the company, cutting down my sales commission by 60% and keeping it for himself, the second being the spectacular terms of employment offered by CSC24Seven.com. Maybe, it’s worthwhile to mention that that this ex-manager of mine, 4 months after my resignation from PrimeTel, he got accused by the financial manager of the company for faking company signatures and for other fraudulent actions and he got fired from the company.
In PrimeTel/ThunderWorx Ltd, I have gained valuable experiences in managing on an ongoing basis a huge client account portfolio, how to manage various corporate requests


with a target to satisfy their individual needs but without dissatisfying the organisation. From various sales trainings, seminars and conferences I have gained important experiences on how to manage time and the resources efficiently and also how to communicate in-depth with people. PrimeTel, has selected me out of all their employees to follow training seminars in Italy - Rome on Inmarsat Satellite products for a duration of 3 months.