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COBALT advised UAB Wittix on obtaining an electronic money institution licence

2019-06-07

COBALT advised UAB Wittix on obtaining an electronic money institution licence for unrestricted activity. This is 48th time that an electronic money institution licence has been issued by the Bank of Lithuania. UAB Wittix will offer users to make payments in the new mobile payment application. The sole shareholder of the company is an Israeli citizen.

The licence will enable the company to issue and/or acquire payment instruments and process incoming payments, execute payment transactions, including transfer of funds on the payment account. In addition, UAB Wittix will be entitled to make one-off direct debit transfers and execute payment transactions through a payment card or a similar device, also to make money remittances, issue, distribute and redeem electronic money.

COBALT team advised UAB Wittix on all issues related to obtaining the licence, drafted licence application documents and represented the company in the Bank of Lithuania. The team was led by Senior Associate Justina Milašauskienė and Associate Justina Aužbikavičienė.