Tsybolyuk is recognized for having introduced innovative business plans in his prior position, which have greatly aided in the organization's "growth and stability."

According to Papaya, Tsybolyuk's deep knowledge of strategic planning and regulatory compliance will assist guide the business "into its next phase of development."

Papaya was established in 2021 and provides digital banking services such know-your-customer (KYC) solutions, Mastercard payment cards, white-label mobile and online banking, IBAN accounts for individuals and enterprises, and PSD2-compliant SEPA transfer services.

The Malta Financial Services Authority (MFSA) has granted the business a license to operate as an Electronic Money Institution (EMI).

Giving "financial capabilities to European consumers and businesses, including underserved categories, ensuring inclusivity and access for all," according to Tsybolyuk, is Papaya's "mission."

Tsybolyuk held positions as CEO of Talentoom, director at Bestpay, and managing director of WallexPay in Prague for five years before joining Papaya.