This article looks at how to become an electronic money institution in Lithuania. If you wish to become an electronic money institution in Lithuania then you must prepare and submit an electronic money institution application in Lithuania to the Bank of Lithuania.
Key features of becoming an Electronic Money Institution in Lithuania
By becoming an electronic money institution in Lithuania, your license will be recognised in all other EEA (European Economic Area) member states.
A number of key advantages to becoming an electronic money institution in Lithuania are:
- Issue e-money, such as prepaid cards, electronic wallets and payment accounts with IBAN codes, across Europe.
- Obtain the electronic money institution ((e-money) license in as little as 3 months.
- Remote account opening for individual and business customers.
- Issue Visa or Mastercard payment cards for both individual and business users.
- The regulator offers remote KYC for customer onboarding whilst relaxing on financial penalties for start-ups – for example, no regulatory fines or penalties in the first year of operation.
The key requirements of the Electronic Money Institution license in Lithuania
- A minimum capital requirement of €350,000 to establish an electronic money institution (e-money) license in Lithuania
- The requirement to safeguard client funds either with a segregated client bank account or with an insurance policy.
- The management body of the electronic money institution in Lithuania must be of good repute and possess the relevant qualifications and experience to perform their duties.
- Whilst Lithuanian legislation does not require for the management body to reside in Lithuania, it is advised that the Lithuanian electronic money institution has one director or representative in Lithuania who is able to make decisions and is available to the Lithuania regulator.
List of services you can offer with the Electronic Money Institution license in Lithuania
1. Issue e-money e.g. prepaid cards and electronic wallets.
2. Provide cards (like debit cards) where the customer can also withdraw and place cash on the card.
3. Enable users to set up direct debits, standing orders and credit transfers.
4. Process payments, especially as a master merchant – enabling retailers to accept card payments.
5. Provide money transfer services
6. Payment initiation
7. Account initiation
Buckingham Capital Consulting is an international consulting firm, specialising in payment services, electronic money, banking, and investment services. We are able to advise you on the best course of action and strategy based upon your business plan and financial product or service. We can you with licensing, compliance, operational setup and related services, including, obtaining banking facilities. For more information, visit our website on www.buckinghamcapitalconsulting.lt
Send an email to firstname.lastname@example.org to arrange a telephone call. We are also able to arrange calls using Skype. Our Skype ID is BCC54321.
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