2018-07-05
The Board of the Bank of Lithuania has revoked the payment institution licence issued to UAB PAYPAY.LT in view of the fact that the company has not made use of the licence within 12 months of its issuance. With its licence withdrawn, the company has lost the right to provide payment services.
“This is the first time that we have applied such a measure provided for in the Law on Financial Institutions. Having said that, it is likely that it might not be the last. Such a procedure is in line with EU initiatives, seeking to ensure that the market remains open only to active, reliable and transparent economic entities that create jobs and pay taxes,” said Marius Jurgilas, Member of the Board.
Following the withdrawal of its licence, UAB PAYPAY.LT must terminate activities, reorganise or change the type of activities pursued, and, respectively, amend the Articles of Association, change the business name, etc.
The Bank of Lithuania has already issued 64 licences allowing their holders to provide payment services across the EU and 19 licences for restricted activity that are valid only in the Republic of Lithuania.