Regulatory Alerts2025-07-29 | 8753Central Bank of Armenia Grants Cooperation Permit for Ubpay with Uremit and Isend
The Board of the Central Bank of the Republic of Armenia issued Resolution No. 124 A on July 29, 2025, to grant cooperation permits for the Armenian money transfer system Ubpay to engage with foreign systems Uremit and Isend. This decision was enacted pursuant to relevant provisions of the Law on the Central Bank and the Law on Payment Systems, following a comprehensive application process by Unibank submitted throughout 2024 and 2025. The resolution takes effect immediately upon adoption, formalizing the regulatory approval for these cross-border payment activities.
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Granting a Cooperation Permit for the activities between the “Ubpay”, an Armenian Money Transfer System, and the “Uremit” and “Isend”, Foreign Money Transfer Systems
2025-07-29
THE CENTRAL BANK OF THE REPUBLIC OF ARMENIA
BOARD RESOLUTION
July 29, 2025; No. 124 A
Granting a Cooperation Permit for the activities between the “ Ubpay ”, an Armenia n Money Transfer System , and the
“ Uremit ” and “ Isend ”, Foreign Money Transfer Systems
Pursuant to Article 2 (3), Article 5 (2) (“e”), and Article 20 (“ki”) of the Republic of Armenia Law “On the Central Bank of the Republic of Armenia”; and Article 5 (2) of the Republic of Armenia Law “On Payment Systems and Payment and Settlement Organizations”; and Paragraph 10 of Chapter 2 of Regulation 19/1 “Rules to Cooperation Between Armenian and Foreign Money Transfer Payment and Settlement Systems” as approved under the Republic of Armenia Central Bank Board Resolution No. 53-N, dated April 27, 2021;
Whereas “Unibank”, an Open Joint-Stock Company, applied to the Central Bank of the Republic of Armenia with letters of request and all the required documentation and deliverables submitted on October 18, 2024, October 31, 2024, January 15, 2025, January 22, 2025, March 23, 2025, April 3, 2025, May 30, 2025, June 30, 2025, July 3, 2025, and on July 14, 2025; and
In view of the conclusion issued by the Licensing and Supervision Committee of the Central Bank of the Republic of Armenia (Minutes No. 33, dated July 23, 2025),
the Board of the Central Bank of the Republic of Armenia
E n a c t s:
Grant a Cooperation Permit for the activities between the Armenian money transfer system “Ubpay” and the foreign money transfer system “Uremit”.
Grant a Cooperation Permit for the activities between the Armenian money transfer system “Ubpay” and the foreign money transfer system “Isend”.
This resolution to enter into force on the day it is adopted.
Armen Nurbekyan Deputy Governor,
Central Bank of the Republic of Armenia
Yerevan
.