Bulgarian financial services firm Varchev Finance has partnered with SEPA Cyber Technologies to develop a new customised digital wallet.

The multifunctional digital wallet will enable Varchev’s customers to carry out contactless payment, transfer money from one account to another, and exchange currencies.

The wallet can also be used to top up their accounts directly from their smartphone or laptop.

The wallet leverages SEPA’s latest technologies for the automation of regulatory processes, minimising the time taken for opening an account and verification of business and private clients in the European Economic Area.

It features identity verification modules to improve data security and simplify the digitisation of financial processes.

Additionally, it is said to reduce the time for execution and approval of online payments, money transfers, and currency exchange.

SEPA Cyber Technologies CEO and founder Marvin Blazhevski said: “We are extremely excited that Varchev chose SEPA Cyber Technologies for the development of a customised digital wallet.

“Our mission is to help progressive companies like Varchev to digitise and enlarge their businesses while offering their clients a secure and reliable environment to execute financial operations.”

In February this year, Bulgarian lender First Investment Bank partnered with American payments giant Mastercard to launch a new digital wallet named ‘MyFin’.

Last December, Bulgaria-based payment service providers Paynetics and phyre joined forces to launch an e-wallet solution for Bulgarian American Credit Bank (BACB).