Bank of Lithuania issues new electronic money institution conditional licence
The Board of the Bank of Lithuania decided to issue a conditional licence of an electronic money institution to UAB Settek. This provides the institution the right to issue electronic money and provide certain services indicated in the Law on Payments. These services will be offered to clients in Lithuania and the European Union, to small and medium-sized enterprises.
The institution’s shareholder is the British company Paymaster24 Ltd. They have a licence, issued by the Financial Conduct Authority (FCA) of the United Kingdom, and operate under their supervision.
The condition has been set that UAB Settek, prior to the start of providing licensed financial services in Lithuania, must submit a copy of an agreement with a credit institution in the Republic of Lithuania or abroad, confirming the protection of electronic money holder and payment service user funds.