UAB “ConnectPay”, for which ECOVIS ProventusLaw has assisted in acquiring an electronic money institution license, has successfully completed the entire licensing process. The Board of the Bank of Lithuania gave the company the right to authorize electronic money, perform payment transactions, including the cases where the funds is provided to the payment service user under the credit line, as well as to issue payment instruments.
Initially, the company intends to provide payment and money transfer services in SEPA through CENTROlink retail payment gateway, as well as offer credit lines to business customers. In the future, ConnectPay will provide customers with debit cards and e-money services in several currencies, as well as factoring services for business customers. The entire business model bases on cost-effective, simple, up-to-date information technology-based services for customers around the world for 24 hours per day.
According to Inga Karulaitytė-Kvainauskienė, attorney-at-law of ECOVIS ProventusLaw, the new electronic money institution is not only good news for consumers as the variety of financial services is growing up, but also a proof that ECOVIS ProventusLaw is counting on more and more companies aiming to get a licence from the Bank of Lithuania. “Our dedicated work, specializing in financial technology law, is noticed both in Lithuania and abroad – already 7 companies assisted by us received a payment or an electronic money institution license during the year. And this is definitely not the end”, – says I. Karulaitytė-Kvainauskienė.
Lithuania is attractive for the financial technology and innovation sector due to its flexible regulatory framework, favourable legal framework, and the licensing process in our country is one of the fastest among the EU countries. Many businesses are attracted to the favourable environment offered by business in Lithuania and the world-class information and communication infrastructure, educated and skilled employees.
The Bank of Lithuania is also developing a new pilot financial innovation environment that will allow companies to improve innovative financial products and business solutions. There is also foreseen the creation of a test environment for Blockchain Technology.