COBALT advised ValorPay, UAB in obtaining a payment institution licence. ValorPay, UAB has become a market participant licenced by the Bank of Lithuania to provide payment services.
With this licence in hand, ValorPay, UAB may offer certain payment services provided for in the Law on Payments, such as direct debits, card payments, credit transfers, acquisition of payment transactions and money remittances. The shareholders of the institution are two UK and Switzerland based individuals.
COBALT team advised ValorPay, UAB on all issues related to obtaining the licence, drafted the licence application documents and represented the company before the Bank of Lithuania. The team was led by Partner and Head of the Banking and Finance Practice Group Akvilė Bosaitė, Senior Associate Justina Milašauskienė and Associate Justina Aužbikavičienė.