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deVere E-Money issued electronic money institution license

March 2, 2017

The Bank of Lithuania issued UAB deVere E-Money an electronic money institution operating license, providing them with the right to issue electronic money and provide the payment services provided for in the Law on Payments.

The undertaking plans to provide the digital wallet service, issue advanced payment cards, to which funds can be deposited and withdrawn at the undertaking’s partner ATMs. UAB deVere E-Money intend to direct the flow of payment transactions in euro by customers in Lithuania and abroad through the Bank of Lithuania-managed retail payment system SEPA MMS.

This institution, which is currently being established, will belong to the deVere group of undertakings, managing more than 60 undertakings in Great Britain, Germany, France and other EU countries, as well as in Switzerland, the US, Australia, China, with more than 80,000 customers in no less than 100 countries around the world.

The formation of a favourable regulatory and supervisory environment for the provision of financial services, and the promotion of innovations in the financial sector, are one of the strategic directions for the Bank of Lithuania activities in 2017–2020. Together with institutions in other countries, the Bank of Lithuania aims to make Lithuania the centre of financial technologies in the Nordic and Baltic region.