Xryma Plc Announces Appointment of Constantinos Petrides as New Chairman to Strengthen Financial Governance

Xryma Plc Welcomes Constantinos Petrides as Independent Non-Executive Chairman

In a notable strategic shift, Xryma Plc, a prominent name in bank technology, has appointed Constantinos Petrides as the Independent Non-Executive Chairman of the Board, pending regulatory approval by the Central Bank of Cyprus. This transition comes in light of Christakis Taoushanis's resignation on September 30, 2026, as part of an ongoing renewal process aimed at strengthening the Board's independent membership in accordance with the Central Bank's Directive for Electronic Money Institutions.

Mr. Petrides, who previously served as the Minister of Finance for the Republic of Cyprus from December 2019 to February 2023, is known for his extensive experience in European financial policy and corporate governance. Having a rich background in public finance, he is expected to play a crucial role as Xryma continues to expand its influence in the payment services sector. Xryma Plc has positioned itself as a significant player, being among the first non-bank entities to operate directly within the Eurosystem's real-time gross settlement framework, utilizing central bank money for transactions.

In his capacity as Chairman, Petrides will oversee the company's governance, vital for maintaining and enhancing trust with regulators, customers, and stakeholders as the company ushers in the future of banking services. The CEO of Xryma, Nikogiannis Karantzis, expressed confidence in Petrides' capabilities and emphasized the importance of direct accountability in the evolving financial landscape.

Mr. Petrides’ appointment is particularly timely as Xryma's subsidiary, ISX Financial UK Ltd, is on the verge of launching Faster Payments Services in the UK, driven by a settlement account established with the Bank of England. This expansion aligns with the demands of the current financial environment, where the need for real-time payment processing is rapidly increasing.

Background on Constantinos Petrides

Before assuming the role of Minister of Finance, Petrides held several influential positions in the Cypriot government, including Minister of the Interior and Deputy Minister to the President, where he was instrumental in steering the country’s economic strategies during critical periods. As a member of the Eurogroup and a Governor at the European Stability Mechanism, his experiences have equipped him with the knowledge to navigate complex financial landscapes effectively.

His academic credentials include a Bachelor's degree in Economics from the University of Nottingham and a Master’s from the London School of Economics, focusing on political economy. His career began in 2000 with the Association of Cyprus Banks and later included significant roles at the European Commission, contributing to his robust economic understanding vital for his new role at Xryma.

Petrides stated, “Xryma stands out as one of the few European non-bank payment institutions that directly participates in central bank settlement. This unique position not only signifies a market advantage but also instills a greater responsibility concerning governance. I align closely with the visions shared by the Board and management regarding the Company’s future trajectory.”

As Xryma Plc continues its journey to redefine banking innovations and expand its reach across borders, Petrides' leadership is set to infuse fresh perspectives into its corporate governance, assuring all stakeholders of the firm’s commitment to regulatory rigor and strategic growth in a digital age.

About Xryma Plc

Trading under the brand ISX Financial®, Xryma Plc is a regulated banktech group specializing in cross-border open banking, international transactional banking, and real-time payment solutions. Authorized by the Central Bank of Cyprus and the Financial Conduct Authority in the UK, Xryma aims to leverage advanced technology to provide sustainable and innovative financial services to clients, including various products like PaidBy® Mastercard and ISX Money®.

This change in leadership reflects Xryma’s dedication to ensuring compliance and excellence as they navigate the dynamic landscape of electronic finance.