Electronic Money Institution (EMI) Lithuania
Enabling you to gain access to 512 million consumers across Europe and offer electronic money, including electronic wallets and prepaid cards
The Bank of Lithuania is the Lithuanian financial services regulator. It supervises firm ranging from payment service providers, credit institutions, electronic money institutions, consumer credit firms, insurance providers and investment firms.
Electronic money or e-money is the digital equivalent of cash and can be software or hardware-based. Card-based e-money is commonly stored on a prepaid card, an electronic purse or wallet. Similarly, it may also be stored in a payment account. The legal framework for electronic money was established by Directive 2000/46/EC. More recently, Electronic Money Directive 2 or EMD2 was adopted in an attempt to modernise the framework for the issuance of electronic money and enable innovation in doing so.
In 2017, mobile payments and digital wallets were used by 68% of Europeans. 84% of consumers across Europe are active online users and this is set to grow. Research has shown that 63% of consumers are most likely to use wallets for loyalty programs, whilst 56% for cashless payments. It is estimated that European mobile payments will almost triple by 2021 and grow from €52 billion to €148 billion.
HOW WE CAN HELP YOU ESTABLISH YOUR BUSINESS IN LITHUANIA
Full compliance support
End-to-end electronic money institution (EMI) licence application preparation. Full management of communication with the regulator until your licence has been issued.
We focus on your compliance so you can focus on your business and its growth. We offer 2 levels of compliance support packages to support you in areas including risk, compliance and auditing.
Obtaining banking facilities
From helping you obtain operational banking facilities to issuing cards and virtual IBANs, our service has your customer's needs in mind.
Full consulting support
Our partnership with you extends to consulting services, including legal, accounting, recruitment, business development, product development and market strategy.
OUR EMI LICENCING PROCESS. STEP BY STEP
Application Approval & Licence is issued
We hear back from the regulator who may have further questions. We prepare the response and manage communication on your behalf. Your application is approved and licence issued.
We work closely with you in understanding your organisation and its processes. We project manage your application. Finally, we help you to submit your application.
Planning & Execution
We advise you on business requirements and agree a course of action. We advise you on your regulatory requirements, fees and time-scales involved. We also offer a fast-track service.
Assessment & Suitability
We listen to you to understand your business, your customers and your requirements.
Our service extends beyond licencing and compliance. We spend significant time understanding our clients, their culture, ambitions and roadmap. We understand where they are and where they want to be and achieve. We help them achieve this transition. In addition to our above services, we help our clients with related and third-party services, to enable them to offer payment services smoothly.
With our electronic money institution (EMI) licence authorisation service, we will discuss your requirements and the payment services you wish to offer. We will assess your business model, directors and senior management team, their experience and suitability as well as your governance (risk & compliance), operations, structure, business model and viability, to ensure that you will meet the regulator's requirements. Following our assessment, we will provide you with a realistic and honest assessment of application strength, as well as making our recommendations.
The electronic money institution (EMI) application requires careful planning and in-depth preparation. A large number of documents are required to be drafted for the electronic money institution (EMI) application, including a business plan, a programme of operations, risk and compliance policy and framework, security procedures and policies, anti-money laundering etc. We are able to help you prepare all the required policies, procedures, and documents to ensure you achieve authorisation and avoid any delays in doing so.
EXAMPLES OF E-MONEY YOU CAN OFFER
enabling customers to store both fiat (£,$,EUR) and digital/cryptocurrency
enabling users to top-up electronic money and use their cards
Payment & Account Initiation
Under an EMI licence, you can also apply for payment services (as below) rather than applying for two separate licences
LITHUANIA ELECTRONIC MONEY INSTITUTION APPLICATION OVERVIEW
Key information to be included in a Lithuania electronic money institution licence application for authorisation:
1. A programme of operations.
2. A business plan including a forecast budget calculation for the first three financial years.
3. Evidence that you hold initial capital.
4. A description of the measures taken for safeguarding electronic money service users’ funds.
5. A description of the governance arrangements and internal control mechanisms, including risk management and accounting procedures.
6. A description of the procedure for monitoring, handling and following up security incidents and security-related customer complaints, including an incidents reporting mechanism which takes account of the notification obligations.
7. A description of the process for filing, monitoring, tracking and restricting access to sensitive payment data.
8. A description of the business continuity arrangements, including clear identification of the critical operations, effective contingency plans, and a procedure for regular testing and reviewing of the adequacy and efficiency of such plans.
9. A description of the principles and definitions used in collecting statistical data on performance, transactions and fraud.
10. A security policy.
11. A money laundering and countering terrorism financing policy.
12. A description of the structural organisation, including, agents, branches, and outsourcing.
13. Details of shareholders and their qualifying holding.
14. Details of directors and persons who are or will be responsible for the management of the company.
15. The legal structure of the company.
16. The address of the head office of the applicant.