Bank of Lithuania
2018-08-01
1 of 1

The Board of the Bank of Lithuania issued licences of an electronic money institution to UAB TeslaPay, UAB International Payment Union and UAB Pyrros Lithuania as well as a licence of a payment institution to TBF Finance, UAB.

The electronic money institution UAB TeslaPay is a Fintech company that will provide payment services and distribute prepaid cards to its clients. The company intends to offer its clients an Internet payment account opening and handling tool supported by an app.

UAB International Payment Union, holding a licence of an electronic money institution, plans to orientate itself to European Union and Chinese markets. The sole direct shareholder of this institution is the company TradeFinance Chain Service Limited registered in the People’s Republic of China.  

UAB Pyrros Lithuania, once issued a licence of an electronic money institution, plans to concentrate on the activity of the issuance of prepaid cards for client target groups (primarily credit unions).

Holding a licence of a payment institution, TBF Finance, UAB, is going to offer its clients processing services for incoming payments accepting and processing payments to be executed via VISA and MasterCard cards as well as other means of payment. The company also intends to distribute Visa and MasterCard cards.