2017-03-29
The Board of the Bank of Lithuania has issued a licence of an electronic money institution to UAB „IBS Lithuania“. Holding it, the company can issue and redeem electronic money, provide payment services across the European Union. When submitting a request for the licence, the company informed the Bank of Lithuania that it was planning to create a payment platform on which payment transactions between European Union and Chinese entities would be executed.
UAB „IBS Lithuania“ is a subsidiary undertaking of the company International Business Settlement Holdings Limited, which is listed on Hong Kong’s Stock Exchange.
The formation of a favourable regulatory and supervisory environment for the provision of financial services activity and promotion of financial sector innovations are one of the strategic directions for 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 Eight (NB8).