Bank of Lithuania
2017-09-28
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The Board of the Bank of Lithuania has issued e-money institution licences to UAB Instarem EU and Mokėjimo terminalų sistemos, UAB. Holding these licences, the companies may issue and redeem e-money, provide payment services across the European Union.

When applying for a licence, UAB Instarem EU informed the Bank of Lithuania of intending to perform credit transfers, money remittance services, open client accounts (eWallets), issue payment cards, and provide the possibility for ATM cash withdrawals. This institution also plans to use access to the Bank of Lithuania payments infrastructure.

UAB Instarem EU belongs to the group of undertakings whose parent undertaking is Instarem Pte. Ltd. established in Singapore. Its main activity is cross-border payments.

Mokėjimo terminalų sistemos, UAB, already holding a payment institution licence, when applying for an e-money institution licence, indicated of intending to expand its business and provide the following services: sell goods and services, collect utility and other bill payments at payment terminals in cash, top up e-money at payment terminals, buy via online shops from the eWallet, perform cash remittances via the eWallet, and provide the e-payment service in online shops.   

Creating a favourable regulatory and supervisory environment for the financial services provision 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 region (NB8).

This year, 10 licences were already issued for undertakings engaged in the provision of payment services, another 15 undertakings have applied to the Bank of Lithuania for licences.