COBALT advised UAB Mobilūs mokėjimai in obtaining an electronic money institution licence for restricted activity. The licence issued by the Board of the Bank of Lithuania authorises the company to issue electronic money and provide payment services in Lithuania.
The licence will enable the company to offer its private and corporate customers services that allow safe transfer of money in just a few seconds, knowing only the recipient’s phone number. The company will invite customers to create their own accounts and to transfer money to other individuals or to pay for online purchases of goods and services by using the instant payment system.
Creating a favourable regulatory and supervisory environment for the provision of financial services and fostering innovation in the financial sector are among the strategic directions for 2017-2020 of the Bank of Lithuania. Together with other national institutions, the Bank of Lithuania seeks to make Lithuania the centre of financial technologies in the Nordic and Baltic region.
COBALT team advised UAB Mobilūs mokėjimai on all issues related to obtaining the licence, drafted documents required for obtaining the licence and participated in the coordination of documents. The team was led by Akvilė Bosaitė, a COBALT partner and the Head of the Banking and Finance Practice Group.