COBALT advised TT Express UAB on its acquisition of an Electronic Money Institution licence in Lithuania

COBALT advised TT Express UAB on its acquisition of an Electronic Money Institution (EMI) licence in Lithuania, granting the right to issue electronic money and to provide payment services specified in the Law on Payments in Lithuania. The EMI licence was issued by the Bank of Lithuania.

TT Express UAB is a financial institution, providing money collection and foreign exchange services. With an electronic money institution license, TT Express UAB will be able to execute payment transactions, including transfers of funds on a payment account with the payment service provider of the payment service user or with another payment service provider. The company will be able to execute direct debits, including one-off direct debits, to execute payment transactions through a payment card or a similar device and execute credit transfers.

COBALT team advised TT Express UAB on all issues related to obtaining the licence, drafted licence application documents and represented the company before the Bank of Lithuania. The team consisted of COBALT Partner and Co-Head of the Banking and Finance Practice Group Akvilė Bosaitė, and COBALT Partner and Head of Tax Law Practice Group Rokas Daugėla.