COBALT advised UAB Elcoin on obtaining an electronic money institution license. It is already the 60th institution in Lithuania licensed by the Bank of Lithuania as an electronic money institution.
UAB Elcoin plans to offer consumers the payment cards that can be linked to the institution‘s accounts, and that can track payment history in a mobile app, or link a payment card to a different currency account and use it for payments in local currency and ATM cash withdrawals. The owner of this company is a Latvian citizen. The company plans to operate across Europe.
Currently, more than 170 Fintech companies have been operating in Lithuania and recently Vilnius has been ranked number one by the Financial Times for the best technology start-up cities in the world. This year, at the end of November, Lithuania was ranked No 4 in the international financial technology (FinTech) rankings by the UK-based company Findexable, and Vilnius takes the 29th position on the list of FinTech-friendly cities.
COBALT team advised UAB Elcoin on all issues related to the acquisition of the licence, drafted the licence acquisition documents and represented the company at the Bank of Lithuania. The team was led by Senior Associate Justina Milašauskienė and Associate Justina Aužbikavičienė.