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We have been working in Law and Finance area for over 12 years.
We will be glad to share our experience to help you achieve the best possible results.
Our FinTech team experience scope all the key areas necessary for the successful FinTech licensing process:
Viačeslavas Lelešius leads the FinTech practice group. He has broad expertise, with 11 years of experience in wide range of complex banking, capital markets, funds, financing and finance regulatory fields.
Vidas Pošiūnas has 15 years of work experience in different banks (AB DNB bank, now Luminor Bank AB, AS SMP bank, now AS Meridian Trade Bank, financial institution UAB General Financing). His expertise includes anti-money laundering obligations and compliance with related legal requirements.
Neringa Karlikauskė is accounting and tax advisor. She has broad expertise in financial institutions accounting and compliance to the Bank of Lithuania. Neringa has more than 12 years of experience in finance sector.
The Law provides that electronic money institution (EMI) shall be entitled to not only issuing electronic money, but also providing payment services, e.g. issuing and/or acquiring of payment instruments, money transfers and other services. Due to this reason, an EMI differs from a payment institution in that an EMI may withhold client funds, whereas payment institutions cannot do so.
From 2017 January 1 new regime applies to specialized banks in Lithuania. This regime could be used for payment and electronic money institutions which are considering expanding the scope of their services and increasing security for their customers.
Minimum equity capital requirement for specialized bank is 1.000.000 EUR (comparing to full service banks 5.000.000 EUR).
The specialized bank licence may be passported to other EEA countries.
The specialized bank licence is issued within 6 months, extensions are possible, to a maximum term of 12 months.
Services authorized for specialized banks:
The specialized banks are not authorised to provide investment services, engage in asset management business or other activities of a similar nature.