Resolutions of the Board of the Bank of Lithuania
Licence of an electronic money institution issued
The Board of the Bank of Lithuania granted WITTY GLOBAL, UAB an electronic money institution licence authorising it to issue electronic money and provide payment services indicated in the Republic of Lithuania Law on Payments: cash withdrawal from an account, credit transfers, issuance of payment instruments and processing of payments.
The institution indicated that its activity will not be focused only on legal entities, as it also intends to offer services to individual groups of the population by age and the nature of their activity. It plans to actively use social networks for communication and marketing. WITTY GLOBAL, UAB intends to provide its services in the entire European Economic Area, however, its primary focus will be Lithuania, Latvia, Germany, France, Spain, Belgium, Poland and Romania. Its customer support centre will be established in Lithuania.
The institution’s direct shareholder (holding 100% of its shares) is Witty Tech Ltd, a company registered in the United Kingdom, whereas its ultimate beneficial owner is a citizen of the United Kingdom residing in the United Arab Emirates. Witty Tech Ltd owns the group of undertakings established in several countries, where it intends to obtain electronic money institution licences.
Licence of a payment institution issued
The Bank of Lithuania granted Safe Connect, UAB a payment institution licence authorising it to offer payment services indicated in the Republic of Lithuania Law on Payments. The institution intends to operate in a similar manner as Safe Connect Ltd, an institution licensed in the United Kingdom and supervised by the country’s financial market supervision authority, by offering open banking as well as account information and payment initiation services. The British institution’s current customers in the United Kingdom will be served after Brexit by the institution operating in Lithuania, which expects to find new users of its services in our country as well. The institution’s direct shareholder (holding 100% of its shares) is Yapily Ltd., a company registered in the United Kingdom, whose main shareholders are from Italy, Germany and the Guernsey island.