Licence of an electronic money institution issued
The Board of the Bank of Lithuania decided to issue a license of an electronic money institution to UAB SatchelPay.
Upon issue of the licence of an electronic money institution, the institution intends to open electronic money accounts on the devised platform, issue electronic money, provide the electronic wallet, payment transaction, currency exchange services, and issue payment cards.
Creating a favourable regulatory and supervisory environment for the provision of financial services as well as within the innovation finance sector is one of the strategic directions for the Bank of Lithuania activities in 2017–2020. Together with other domestic institutions, the Bank of Lithuania aims at Lithuania becoming a FinTech centre in the Nordic-Baltic region (NB8).