Licence of electronic money institution issued
The Board of the Bank of Lithuania decided to issue a license of an electronic money institution to UAB ZEN Global.
Holding such a licence, the institution intends to devise, and use a modern FinTech platform for both business and private users where clients will be able to accept different payments and perform other functions related to electronic payments. It is intended to issue near field communication cards for clients.
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 other domestic institutions, the Bank of Lithuania aims at Lithuania becoming a FinTech centre in the Nordic-Baltic region (NB8).