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Global financial giant will develop its first FinTech product in Lithuania

Global financial giant will develop its first FinTech product in Lithuania

deVere Group, which owns more than 60 companies in the UK, Germany, France and other EU countries as well as Switzerland, the USA, Australia and China, and has more than 80 000 customers in more than 100 countries around the world, has received e-money institution license and is starting to provide financial services.

On March 2nd Bank of Lithuania issued electronic money institution license which made it possible to establish an electronic money institution “deVere E-Money“. It will be controlled by the international financial consulting giant deVere Group. ECOVIS ProventusLaw firm provided legal advice throughout this process. “deVere E-Money” has plans to recruit around 10 specialists in Vilnius office while in the future this number may grow significantly.

The company initially plans to carry out global electronic money transactions from its office in Vilnius, as well to issue prepaid cards. These new services will be mostly aimed at constantly travelling and internationally-mobile individuals as well as those who regularly visit countries that have different currencies. UAB “deVere E-Money” is planning to denominate payment transactions of its customers in Lithuania and abroad through retail payment system SEPA MMS which is operated by the Bank of Lithuania.

“deVere E-Money” has plans to recruit around 10 specialists in Vilnius office while in the future this number may grow significantly.

deVere Group founder and CEO Mr. Nigel Green said that the company first chose Lithuania due to a flexible legal framework, enabling financial technology companies to obtain an operating license very soon. “In addition, we saw that everything we have heard about Lithuania and Vilnius was complete truth – both the government and the Bank of Lithuania are very focused on business needs“,– says DeVere Group founder and CEO Mr. Green.

“The electronic money institution license issued to our customer means not only an emergence of one more new player in the payments market and greater competition among payment services providers, but also shows that Lithuania, as a jurisdiction, is attractive to international companies which intend to provide services throughout the European Union“,– says Ms. Inga Karulaitytė-Kvainauskienė, attorney at law at ECOVIS ProventusLaw.

ECOVIS ProventusLaw law firm is specialising in financial law and financial services licensing, payments, e-money, investment management law. ECOVIS ProventusLaw has already helped to receive electronic payment licenses for the US-origin company Alternative Payments, for various payment companies operating in Lithuania. ECOVIS ProventusLaw noticed a constantly growing interest on the establishment of FinTech companies in Lithuania from such countries as China, Israel, Singapore, Hong Kong, Slovakia and other countries of the world.

 

Inga Karulaitytė – Kvainauskienė