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rs2.com
Annual Report & Financial Statements
2024
RS2 PLC

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Annual Report and Financial Statements | Page 2
Table of Contents
Annual Report
Who We Are ............................................................................................................................................. 04
Chairman’s Statement ............................................................................................................................. 08
CEO’s Statement ....................................................................................................................................... 11
Board of Directors.................................................................................................................................... 20
Corporate Social Responsibility .............................................................................................................. 24
Directors’ Report ...................................................................................................................................... 28
Corporate Governance Statement of Compliance ................................................................................. 41
Remuneration Report ................................................................................................................................ 51
Statement of the Directors pursuant to Capital Market Rule 5.68 ........................................................ 55
Company Information .............................................................................................................................. 56
Directors’ Responsibility for the Financial Statements .......................................................................... 57
Financial Statements
Statements of Financial Position............................................................................................................. 59
Statements of Profit or Loss .................................................................................................................... 61
Statements of Comprehensive Income .................................................................................................. 62
Statements of Changes in Equity............................................................................................................ 63
Statements of Cash Flows ...................................................................................................................... 67
Notes to the Financial Statements .......................................................................................................... 69
Independent Auditors’ Report ............................................................................................................... 188
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Annual Report

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Annual Report and Financial Statements | Page 4
Who We Are
A global payments technology leader
RS2 is a leading provider of global omnichannel payment
software and processing solutions for both issuing and
acquiring on one single platform.
The RS2 global, cloud-native platform provides an end-to-
end payment solution to banks, large financial institutions,
integrated software vendors (ISVs), payment facilitators
(PayFacs), independent sales organisations (ISOs), and
merchants throughout Europe, North America, Latin America
(LATAM), the Asia Pacific (APAC) region, and the Middle East
covering travel, hospitality, retail, gaming, foreign exchange
(FX), health care and more.
Our global, cloud-native platform, BankWORKS®, is built
using microservices architecture, available via a single API
integration. This enables our clients to enter the market
quickly, customize their payment processes, and seamlessly
adapt to evolving market demands.
With a 35+ year track record and proven technology, RS2 is
a trusted partner for the entire payments ecosystem.
Following the approval and issuance of an Electronic Money
Institution (EMI) licence by the German regulator, the German
Federal Financial Supervisory Authority (BaFin), for the
Group’s subsidiary RS2 Financial Services GmbH, the Group
has established itself as a leading, full-service global
payments provider.
Our Mission
To empower businesses worldwide with innovative, secure,
and scalable payment solutions that drive growth, enhance
efficiency, and accelerate digital transformation across the
entire payments ecosystem.
Our Vision
To be the global leader in payments, driving innovation and
financial inclusion by delivering seamless, secure, and
personalized solutions that connect businesses, consumers,
and technology.
35+
Years of
experience
7
Global
offices
31bn
Transactions
per year
40+
Countries
served by RS2
80mn
Transactions
per hour
Top 20
Acquirers
choose RS2
8.6K
Authorizations
per second
>99.99%
Platform
uptime
480+
Employees
Global
Reach
with local
presence
RS2 Today

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Annual Report and Financial Statements | Page 5
Who We Are (continued)
Our Solutions
The Group provides a fully integrated, digital omni-/multichannel payment solutions as well as value-
added services across the entire payments value chain through three global business lines.
One single, global platform
The Group’s BankWORKS® platform is built on a state-of-the-art Application Programming Interface
(API)-based micro services technology, providing end-to-end payment, such as payment gateway,
switching of payment transactions originated from Point-of-Sale (POS), ATM, e-Commerce, InAPP,
clearing and settlement, chargeback management integrated in the merchant portal, fraud and risk
monitoring, reporting and statement, and a sub-GL accounting and automated reconciliation that fully
integrates with the client’s general ledger.
This allows our clients to get to market fast, customize their payments processes, and adapt with ease
as market demand evolves.
The uniqueness of the solution, being one single global platform deployed on the cloud, provides the
customer, through one single API sandbox integration, the ability to transact globally, integrating with
local acquirers and issuers, to increase their conversion rate, reduce their interchange and other related
fees and charges, and provide them with quick access to the market. The Group is well-positioned to
service multinational customers and process their international and local payments, providing them with
one single view, consolidated reporting, and reconciliation of their entire business in multi-languages,
multi-currencies including crypto, and other digital currencies in multiple time zones.
Merchant
Network / Card
Scheme
Consumer / Card Holder

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Annual Report and Financial Statements | Page 6
Who We Are (continued)
Processing Solutions
A full-feature end-to-end processing solution for issuing and acquiring through a single API integration
to RS2’s unique BankWORKS® cloud platform. Customers can manage their entire payment services
such as authorisation, on boarding, payment gateway, security and fraud, chargebacks, reconciliation,
and settlement as well as optimise their interchange.
Processing of payment transactions utilising BankWORKS® software;
Platform as a service (PAAS) on a private/public cloud solution for acquiring, issuing, clearing and
settlement covering multiple omni-channels;
Provision of installation services (setup); and
Other services including statements, chargebacks, merchant portal and e-commerce gateway.
Software Solutions
RS2’s modular, highly scalable, and flexible software solutions are developed in-house and cover all
areas of payment, including card issuance, merchant acquiring, clearing and settlement, online switching
and authorisation, PIN management, customer services, e-commerce, and dispute and fraud
management, allowing its customers to rapidly and cost-effectively set up their system by configuring
only those products and modules required for business.
The Group provide flexible collaboration models to suit customers’ business needs:
Term or perpetual licences for banks and financial institutions to utilise its BankWORKS
®
issuing and
acquiring platform;
Installation, depending on size and scope of installation;
Customisation, implementation, and installation services;
Upgrades, enhancements, customisation and on-going support for its BankWORKS
®
platform, as well
as updates mandated by international card organisations;
Additional services, including but not limited to, onsite support for testing, implementation and
training, beyond the originally defined scope of the initial implementation; and
Value added services.

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Who We Are (continued)
Merchant Solutions
The Group’s subsidiary RS2 Financial Services GmbH holds an EMI-Licence from the German regulator,
BaFin, enabling the Group to provide a wide array of services using one single platform that integrates
through a strong wide range of APIs to the merchant’s online businesses and physical shops,
consolidating the entire business of the merchant across all the omni-/ multichannel payments offering
them one-stop-shop services including but not limited to:
E-Commerce
Card not present (incl.
Payment Service Provider
(PSP) Services
Card present (incl. POS
Terminals & Network
Services)
InAPP-Payments
Payment Gateway
Chargeback Management
Call Centre Services
Issuing of Prepaid Cards
Fraud and Risk Monitoring
Services
Reporting and Reconciliation
Interchange Optimisation
Smart Routing increasing the
approval rate
Dynamic Currency Conversion
Instalments
Recurring Payments

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Annual Report and Financial Statements | Page 8
Chairmans Statement

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Chairman’s Statement
Mario Schembri
Chairman
RS2 has proven its resilience to withstand the challenges of the increasingly complex
and volatile global environment.
During 2024 one of our primary goals has been to maintain our trajectory of growing our client base and
increasing our project offering globally with special focus in different markets throughout Europe, Middle
East, North America, Latin America, and Asia Pacific.
In the Merchant Solutions area of operations, after obtaining an Electronic Money Institution (EMI) licence
from the German regulator, BaFin, in 2021, RS2 Financial Services GmbH has been able to offer its
solutions and services directly to merchants. We have seen significant growth in this revenue stream
after only three years of operations. Furthermore, through its ability to passport its licence, RS2’s
services may also be available to several countries within Europe.
The EMI licence enables the Group to manage merchant funding and provide acquiring services and falls
within the Group’s strategy to continue to shift its revenue model from dependencies on one-time licence
fees towards ongoing and recurring revenue streams based on transaction volumes processed.
We continue to see significant growth under our Processing Solutions business. Through customer
growth during 2024 we have processed over 1.8 billion transactions on the BankWORKS® platform
resulting in a 25% increase over the previous year.

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Chairman’s Statement (continued)
Through further growth in our customer base, with both new and existing clients, we expect to see
continued growth in the years to come.
On the Software Solutions business side, the Group continues to build on its product offering making
sure that RS2 stays ahead of the curve. This includes an intelligent reconciliation system, data analytical
portal and merchant portal further empowered with the use of artificial intelligence and robotics.
The Group provides outsourced processing services to one of the largest banks in the United States on
a hybrid licencing and processing model to deliver Global Acquiring and Issuing Services. In the USA, we
have launched our acquiring programme during 2024 with our first client going live in the first quarter of
2024. The Group will continue to offer acquiring processing to Payment Facilitators (PayFacs), Payment
Service Providers (PSPs) and Independent Sales Organisation (ISOs). We also expect to be able to attract
tier one financial institutions and banks on our hybrid licencing and processing model as there is high
demand for outsourced solutions. RS2 is perfectly poised to offer a full product offering to such
enterprise clients allowing for customised and efficient solutions, reducing client costs and increasing
performance and customer satisfaction.
I would like to take this opportunity to thank our team members in all regions for their commitment and
dedication, our Chief Executive Officer (CEO) who continues to direct the company through his
leadership and tireless work to execute the Group’s strategy and of course to our Board of Directors for
their support and guidance throughout the year.
Mario Schembri
Chairman
23 April 2025

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Annual Report and Financial Statements | Page 11
CEOs Statement

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Annual Report and Financial Statements | Page 12
CEO’s Statement
Radi Abd El Haj
Chief Executive Officer
Resilience, Strategic Execution, and Future Growth
The year 2024 was marked by an increasingly complex and volatile global economic environment.
Despite these challenges, RS2 has remained steadfast in its commitment of executing its long-term
strategy and achieving its ambitious targets. Our resilience, adaptability, and strategic foresight have
enabled us to navigate uncertainty while capitalizing on new opportunities.
This success would not have been possible without the dedication of our exceptional team, the strategic
oversight of our management, and the constant guidance of our Board of Directors. Their ability to swiftly
respond to external challenges and leverage the lessons learned from the pandemic has fortified RS2
into a more agile and robust organization—one that is well-prepared for any turbulence ahead.
Strong Business Performance in 2024
The 2024 financial results demonstrate a strong growth in profitability despite a decline in top-line
revenue, highlighting our resilience and operational efficiency. In recent years, we have witnessed a
significant rise in client inquiries and demand, a stark contrast to previous periods when customers

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Annual Report and Financial Statements | Page 13
CEO’s Statement(continued)
delayed projects and scaled back investments. This clear upward shift in the business landscape
reinforces our confidence in a promising future.
Subsidiaries Update - delivering on our strategic priorities
RS2 p.l.c. and its subsidiaries continue broadening their business across regions and lines of operation,
evolving from licencing to processing, and now also to acquiring business.
RS2 Smart Processing Limited
RS2 Smart Processing Limited continues to deliver cutting-edge payment solutions and white glove
services to our global customers and partners, helping them to manage market requirements and
regulatory changes, increasing their revenue and mitigating their risks.
The company’s client base consists of different types of payment providers, ranging from small and
medium payment providers to global financial institutions. Our clients enjoy a tailored made solution to
a market’s everchanging needs within the dynamic payment landscape giving them an advantage over
their competition. RS2 ensures that it has a robust and scalable cloud infrastructure while ensuring
seamless integration via user-friendly APIs and comprehensive security measures to safeguard sensitive
payment data.
Beyond technological advancement, prioritising customer support and partnership relationships is key
in our business. By automating operations and integrating robotics and inhouse developed chatbots, the
company has become very efficient in managing repetitive operations in order to make better and more
efficient use of resources therefore also allowing for further innovation. Our dedicated support team
operates 24-hours a day, 7-days a week, 365-days per year, through the ‘following the sun’ principle
which is possible by operating from various regions globally, to promptly address any technical issues
or inquiries and ensuring utmost client satisfaction.
As payment technology has been developing and enhanced for years through our own BankWORKS®
platform we remain focussed on our strengths of transaction processing, reconciliations and
orchestrations. We also collaborate with other technology partners in order to complement our service
offering and deliver turn-key solutions to our clients and partners. This includes loyalty and reward
programs, cashier systems, soft-POS (software point of sale a revolutionary new technology which
allows merchants to accept card payments directly on their phone or devices), and additional value-
added services.
We do this by complying to strict compliance requirements within the payments industry, such as PCI
DSS (payment card industry data security standard - an information security standard used to handle
credit cards from major card brands), GDPR (general data protection regulation European Union
regulation on information privacy in the European Union and the European Economic Area), TIBER ( threat
intelligence-based ethical red-teaming - provides comprehensive guidance on how authorities, entities,

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Annual Report and Financial Statements | Page 14


CEO’s Statement(continued)

and threat intelligence providers and red-team testers should work together to test and improve the
cyber resilience of entities by carrying out controlled cyberattacks), and DORA (digital operational
resilience act - requires financial entities to improve their digital operational resilience), focusing on
security and regulatory requirements.
From a business perspective, RS2 Smart Processing has experienced substantial growth in terms of new
markets, diversified customer base and transaction volumes with over 1.8 billion technical transactions
on our private cloud in the past twelve months, marking a 25% increase from the previous year. We
attribute this growth to strong existing client relationships and a widened variety of services, enabling
rapid merchant and cardholder onboarding and market expansion.
Additionally, we are set to provide state-of-the-art issuing services to payment service providers (PSPs)
and independent sales vendors (ISVs), leveraging our platform's capabilities for loans, funding,
purchasing, and business to business (B2B) transactions. Implementations are underway in Europe, Asia
Pacific, and Latin America, while also negotiating further processing agreements.
The company will also be providing additional services to its managed service clients which are currently
deployed under RS2 Financial Services such as Sale Agent Application, KYC/AML (know your customer/
anti-money laundering) digital platform and other services.
Expanding on our commitment for innovation, we continue to enhance reporting tools to empower clients
in making informed decisions and optimising payment processes based on data-driven insights. With a
focus on continuous innovation, reliability, customer-centricity, and compliance, we position ourselves
as a leading technology payment processor, driving growth and success for our clients and our business
alike.
RS2 Software Inc.
RS2 Software Inc., the Group’s United States (US) arm, operates across three primary lines of business:
Acquiring Processing for ISVs, PayFacs, and ISOs
Following significant investment and dedication, the first Acquiring ISO clients has gone live in 2024
in the US. Throughout 2024, RS2 Software Inc. secured a number of processing agreements with
significant ISVs and PayFacs, with plans to roll out services for some of them in 2025. The company's
strategic focus is on attracting large ISVs and PayFacs, positioning itself for international expansion.
RS2 has cultivated robust relationships with major payment schemes, solidifying its position as a
preferred processing partner. These partnerships are poised to drive business growth not only in the
US but also globally.
Enterprise Managed Services for Tier One Financial Institutions
The company is actively pursuing business with tier-1 acquirers and banks in the US for which the
project’s scope involves building the entire processing infrastructure on the cloud and overseeing

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Annual Report and Financial Statements | Page 15
CEO’s Statement(continued)
daily operations, from merchant onboarding to clearing and settlement, up to merchant statementing
within this business model.
Issuing Processing
Having completed the development of its service offering and product portfolio, RS2 Software Inc.
has partnered with a regional technology provider offering core banking services to community
banks. This partnership will facilitate the launch of issuing processing services once a bank
sponsorship is secured.
RS2 Financial Services GmbH
RS2 Financial Services GmbH, a licensed financial entity regulated by German authorities, has
strategically rebranded its merchant services under the brand name "Beyond by RS2" . This initiative
enables RS2 to offer comprehensive end-to-end payment solutions directly to merchants and
consumers by encompassing payment network services, payment acceptance, POS devices,
eCommerce solutions, digital wallets, and merchant loyalty programs as well as debit and business cards
to businesses. By integrating these services, RS2 not only caters to merchants in Germany but also
extends its reach across Europe, facilitating cross-border payment processing on a global scale.
Targeting large European and multinational merchants, RS2 has established a dedicated key account
management team to provide tailored services. This focus underscores RS2's commitment to becoming
a significant player in the European issuing and acquiring market. The company's strategic shift is to use
the platform and the skill of the team to provide services in Europe that are today supported on the
platforms in other regions and differentiate our merchants and consumer as well as our partners from
their competitors
The evolution of RS2's business model reflects a broader vision of the Group, where adaptability and
comprehensive service offerings in the industry are paramount. By embracing this shift, RS2 is poised to
deliver sustained value to its clients and stakeholders, solidifying its position as a leader in the global
payments landscape.
RS2 Software APAC Inc.
In Asia Pacific (APAC) the Group developed InstaPay, the real-time online local scheme, which will allow
the offering of services to banks in the market using our own developed mobile application for fund
transfers, bill payments and other banking services. RS2 Software APAC Inc. also continues to be
responsible for client relationships and support in the APAC area as well as exploring other opportunities
with banks in the Philippines.
RS2 Germany GmbH
RS2 Germany GmbH's Product team remains at the forefront of innovation, continuously designing and
developing state-of-the-art financial products and services that empower the RS2 platform to lead the

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Annual Report and Financial Statements | Page 16
CEO’s Statement(continued)
industry. With an unwavering commitment to excellence, the team creates cutting-edge solutions that
service both internal operational efficiency and the evolving needs of external clients, ensuring that
businesses can thrive in an increasingly digital and interconnected financial ecosystem.
By leveraging advanced technologies and deep industry expertise, RS2’s Product team delivers solutions
that redefine the financial services landscape. From the development of an intelligent reconciliation
system and data analytics portals that streamline financial oversight, to merchant portals that optimise
business transactions and interactions, every product is meticulously designed to enhance efficiency,
transparency, and control empowered by artificial intelligence and robotics.
Moreover, RS2 is spearheading the future of open banking, introducing innovative products and services
that enable seamless payment experiences and enhanced financial data management.
These solutions are built with a strong focus on compliance, security, and scalability, ensuring that
businesses across Europe and beyond can confidently integrate and expand their financial operations.
At the heart of RS2's product strategy lies an unwavering commitment to user experience. Every solution
is developed with a customer-first approach, ensuring that merchants, banks, and businesses benefit
from intuitive interfaces, seamless payment processing, and tailored financial tools that cater to their
unique operational requirements. By placing customer satisfaction at the core, RS2 not only strengthens
its market position but also sets a new benchmark for the payments and financial services industry.
As the financial technology sector rapidly evolves, RS2 Germany GmbH’s Product team remains
relentlessly dedicated to staying ahead of the curve, ensuring that the RS2 platform continues to lead in
innovation, reliability, and industry influence. With a visionary approach and an agile development
process, RS2 is not just keeping up with industry trends—it is shaping the future of global financial
services.
Technology and Platform Update
As a technology provider, we always make sure that we are on the forefront of new technologies that
contribute to the highest security standard, reliability, and performance. Over the past years, our
dedicated Technology team have been working on the enhancement of our platforms from an
infrastructure perspective as well as from a product technology point of view. This is done by selecting
the right technologies to best support our customers and our colleagues across the globe, both from a
technology and from a delivery perspective allowing the Group to work with the latest technology
available on the market. Our team has enhanced the RS2 platform to a complete micro-services
environment, supporting a wide range of application programming interfaces (APIs), while also reducing
our costs and dependency on specific databases and software technologies, which in return will provide
us with more flexibility and also increase our profitability margins.
The Group has been enhancing its BankWORKS® platform by adding additional capabilities and products
to provide a variety of services to its clients and business partners. The team continues to add more

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Annual Report and Financial Statements | Page 17
CEO’s Statement(continued)
application programming interfaces (APIs) to allow easy and quick integration with the BankWORKS®
platform, thereby successfully increasing its service offering and capabilities.
Our Product team is in constant discussion and collaboration with our clients, to determine the best way
of enhancing operation efficiency, increasing security and positioning BankWORKS® ahead of
competition. This has already been notably recognised by our clients using our Merchant Portal, which
eliminates more than 40% of time normally required in call-centres, as it provides merchants with a self-
service portal. This gives them access to real-time information without the need of contacting our call-
centre. Our newly developed reconciliation product provides customers with a powerful, fully digitalised
tool, which will enable them to reconcile their entire business through all payment channels, also
eliminating manual operations, thereby improving
efficiency, and providing full control over their income and expenses, while automating the feed into
their general ledger system.
RS2 is also working on launching its new Partner Portal, which will provide Payfacs (payment facilitators),
ISVs (independent software vendors) and PSPs (payment service providers) access to their clients’
portfolio. Rich with specialised capabilities, it will enable these clients to digitalise their data access,
chargeback capabilities, reporting and service management.
Our infrastructure and technology services are constantly enhanced to optimise platform security and
performance. This lowers the requirement of infrastructure costs per transaction, which will benefit the
Group’s profit as the number of processed transactions continues to increase. RS2’s Security team
continues to actively improve the security of our network and infrastructure, which is necessary to
mitigate any cyber threat to our environment, thus ensuring secure transactions for all our clients.
Looking forward
The Group continues to focus on implementing and delivering its strategy around its main business
pillars. For the managed services business, this is being done by continuing to build on its global
expansion servicing ISVs and Payfacs. This also includes adding more enterprise clients, such as tier
one banks and financial institutions, which would require building a private cloud and running their
operations. The Group also aims to increase the issuing processing business in markets where our
acquiring services are already provided.
The Group also plans to invest further in its infrastructure to strengthen the technology and complete
the product offering in order to play a more active role in the digitalisation of the whole customer journey,
to offer omni-channel solutions and to go beyond traditional payment solutions.
The payments industry is constantly evolving and 2025 is shaping up to be a year of significant
innovation and change with focus on making payments more convenient, secure, and personalised for
consumers. Taking advantage of the latest advancements in technology and security, customers can
expect a seamless payment experience when paying online or at a store. RS2 Group will continue to
concentrate on implementing and delivering its strategy around its main business pillars of growing and

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CEO’s Statement (continued)
expanding the managed service business, ramping up the US expansion and growing its own direct
acquiring business. The Group is also investing further in its infrastructure to strengthen the technology
and complete the product to play a more active role in the digitalisation of the whole customer journey,
to offer omni-channel solutions and go beyond traditional payment solutions.
The goal is to eventually leverage the Group’s network to offer true global issuing and acquiring services
and products to our customers, allowing them to control their business and access their data in real-
time to mitigate their risk, anticipate their revenue and expenses, and manage their cash flow. We will
continue to focus on regional expansion and provide the respective products and services in the
different markets.
Business is expected to ramp up with a stronger pipeline, gearing up for the coming year, which, together
with the launch of several exciting new products will lead us to a successful 2025 and
beyond.
Closing Remarks
Shaping the Future: RS2’s Unstoppable Drive Toward Innovation, Growth, and Profitability
As we stand on the brink of an era-defining transformation in the global payments industry, RS2 is not
just evolving—we are revolutionizing the way businesses and consumers interact with financial
technology. With relentless innovation, strategic expansion, and an unwavering commitment to
excellence, we are forging a future where seamless, intelligent, and highly secure payment solutions
power the global economy.
Our ambition is bold, and our path is clear: to dominate the payments industry by accelerating our
technological advancements, expanding our market reach, and unlocking new avenues for revenue
growth and long-term profitability. As we continue this remarkable journey, we are focussing on:
Groundbreaking artificial intelligence (AI) - driven payment solutions that anticipate market
trends and enable businesses to optimise cash flow and risk management in real-time.
Unmatched global issuing and acquiring services, empowering enterprises to expand effortlessly
across borders with our seamless, end-to-end financial ecosystem.
Next-generation digital payment experiences, ensuring frictionless transactions that redefine
convenience, personalisation, and security for merchants and consumers alike.
A Future Built on Excellence, Driven by Our People
This extraordinary journey would not be possible without the dedication, expertise, and passion of our
talented global team across Europe, the USA, Asia Pacific, and the Middle East. They are the architects
of our success—pioneers of a financial revolution that is setting new benchmarks in our industry. Their

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relentless pursuit of innovation fuels our ability to create groundbreaking solutions and drive
unprecedented growth.
We extend our deepest gratitude to our Management and Board for their unwavering leadership, and to
our esteemed shareholders for their continued trust and belief in our vision. Their support is the
foundation upon which we build the future of RS2.
Beyond Payments: A Global Movement Toward Limitless Possibilities
RS2 is more than a payments company—it is a global force, reshaping the financial landscape with
future-ready solutions. The opportunities ahead are limitless, and together, we will push the boundaries
of what’s possible, create immense value for our customers, and unlock new levels of profitability.
Stay with us and share our success to continue our global journey.
Let’s be together - beyond payments.
Thank you for your continued support and dedication.
Radi Abd El Haj
Chief Executive Officer
23 April 2025

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Board of Directors
Mario Schembri
Chairman & Non-Executive Director
Mr. Schembri joined RS2 in 1999 as Regional Manager, Mediterranean Region and took on the role of
Deputy Chief Executive Officer in 2006. Mr. Schembri was appointed Chief Executive Officer in January
2008 and Chairman in January 2012.
Mr. Schembri has extensive knowledge related to card management systems, with diverse exposure to
the international card organisations including VISA International, MasterCard and DINERS Club
International. Up to the time of joining the Company, Mr. Schembri had been in the banking industry for
26 years and has vast experience relating to retail banking operations, product management and co-
ordination. He also served as a lecturer and examiner for the IFS for a period of 12 years.
Radi Abd El Haj
CEO & Executive Director
Mr. El Haj joined RS2 in 1997 as a Project Manager for Tier 1 European banks where he was responsible
for the implementation of corporate card programs, later promoted to Customer Relationship Manager
in 2002 and Head of Sales and Implementation in 2004. Mr. El Haj was appointed Chief Executive Officer
in January 2012.
In the cards and payments industry, Mr. El Haj specialises in the areas of issuing, acquiring, clearing and
settlement, e-commerce and accounting. His international experience, professional contacts in various
regions and working closely with the Technical and Product Development Units within the Group, has
contributed in providing RS2’s clients with a global compliant platform.
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Board of Directors (continued)
Dr. Robert Tufigno LL.D.
Non-Executive Director
Dr. Tufigno, LL.D., has vast experience in company law, contract law, financial services, employment
law, maritime law and legislative drafting. Dr. Tufigno, who is also an Arbitrator, has practised in the fields
of general commercial law, property law and litigation. He has also acted as Chairman of Malta’s
Employment and Training Corporation and as Chairman of Malta’s Housing Authority, and as past Board
Director of Lohombus Bank. Dr. Tufigno is a former Partner at GTG Advocates.
Franco Azzopardi
Non-Executive Director
Mr. Azzopardi, a Certified Public Accountant with a UK postgraduate MSc in Finance, spent twenty-
seven years working in public practice, ten of which with Deloitte Haskins and Sells and later in a firm he
co-founded in 1990. In 2007 he exited the firm to contribute more towards the strategic direction of
Boards of Directors. He specialises in corporate strategy, governance, risk and finance. He is today a
professional director and a registered fellow member of the UK Institute of Directors. He serves on
Boards of Directors, Audit, and Risk and Compliance Committees of both listed and private companies
in various sectors including banking, insurance and software. He is currently CEO of a listed entity
actively involved in strategic corporate finance. He is also former CEO of the leading logistics company
in Malta. His focus there was sustainable growth in shareholder value, highest degree of readiness for
public listing, and investor-family governance. As part of his social responsibility, he also contributed
towards the development of the Malta Institute of Accountants. He is a fellow member having served
on Council from 2007 till 2019. He was also elected and served as President of the Institute for the term
2015-2017.
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Board of Directors (continued)
Prof. Dr. Raša Karapandža
Non-Executive Director
Professor Karapandža is a Professor of Finance and the Dean of EBS Business School, Germany. He also
serves as the Academic Director of the Masters in Finance program and holds the Chair of Finance. He
earned his Ph.D. in Economics and Finance from the Barcelona Graduate School of Economics, University
Pompeu Fabra. Additionally, he has been a visiting research scholar at New York University and the
University of California, Berkeley, and currently serves as a Visiting Professor at New York University
(NYU). Professor Karapandža’s research has been featured in leading global media outlets, including The
Wall Street Journal, The New York Times, and Der Spiegel. He has advised members of the U.S. Congress
on regulatory matters concerning cryptocurrencies and blockchain technologies. Recognized for his
excellence in teaching, he was elected Favorite Professor by the EBS Business School student body for
ten consecutive years, from 2009 to 2023. At EBS University, he teaches courses in Investments,
Finance, Corporate Finance, Asset Pricing, and FinTech. At NYU, he teaches a FinTech course, as well
as courses at NYU Stern on the Foundations of Financial Markets and Advanced Investments.
Natalie Strange
Non-Executive Director
Natalie Strange, Corporate Strategy Director- Barclaycard Payments is a proven leader within the
payments industry with 19 years of experience within the Barclays Group. Natalie Strange supports the
Barclaycard Payments executive team shape commercial strategy for Corporate and Small Business
segments across the Issuing and Acceptance business. Natalie Strange has extensive customer
experience spanning holding various leadership posts within Barclaycard Payments from leading
International and Ecommerce Account teams and UK New Business teams for Barclaycard Payments,
Acceptance and Specialist Products. Natalie Strange resigned from her position of Director on 3 April
2025.