2023-07-17
The Bank of Lithuania grants an electronic money institution licence to a new company
The Bank of Lithuania has granted an electronic money institution licence to Payhawk Financial Services UAB.
The institution is part of an international group with companies operating in Ireland, Bulgaria, the United States, the United Kingdom, Spain and Germany. The institution will be able to issue electronic money and provide payment services (cash withdrawals from a payment account and all transactions related to the management of the payment account, payment transactions, issuance of payment instruments, payment initiation services, account information services). Payhawk Financial Services envisages providing services to legal entities of all sizes, including small and medium-sized businesses.
The Bank of Lithuania applies the highest supervisory standards to ensure that the domestic financial market, not excluding the European Union financial market, is entered by properly prepared participants. The Bank assessed the business model of Payhawk Financial Services UAB, its internal policies and procedures, readiness to manage risks, to ensure the requirements of the prevention of money laundering and terrorist financing, the quality of services and other requirements, as stipulated by legislation.