Three electronic money institution licences issued
The Board of the Bank of Lithuania issued three new electronic money institution licenses to Ambr Payments, UAB, Travel Union and UAB BEBAWA. They provide the institutions the right the issue electronic money and provide certain services indicated in the Law on Payments.
Ambr Payments, UAB, will first aim to become a financial partner of a small and medium-sized business that develops trade on electronic platforms; later it will also offer services to natural persons interested in the latest payment solutions. The institution is part of the Ambr group, which is owned by Ambr S.a.r.l, a Luxembourg-based company.
UAB Travel Union will pay particular attention to the tourism services sector. In addition to traditional electronic money and payment services, the institution will provide useful offers to travellers. It is owned by Travel Union Finance Limited, established in the United Kingdom.
UAB BEBAWA intends to offer services (e-money, transfer of funds, payment processing) to European companies whose clients are expected to include pension funds, e-commerce shops, tax consultants or business consultants with customers with specific business needs. All shares in the institution are owned by Domando AG, a Swiss-registered company.
Before the commencement of the provision of licensed financial services, Ambr Payments, UAB, and UAB BEBAWA must submit to the Bank of Lithuania a copy of an agreement concluded with a credit institution of the Republic of Lithuania, a credit institution of another Member State or a central bank confirming the protection of funds of electronic money holders and/or payment service users (in euro and/or other currencies to receive funds).