{"id":4776,"date":"2017-07-10T07:20:36","date_gmt":"2017-07-10T07:20:36","guid":{"rendered":"https:\/\/insights.invyo.io\/europe\/?p=4776\/"},"modified":"2019-04-12T17:16:08","modified_gmt":"2019-04-12T17:16:08","slug":"fintech-licensing-lithuania","status":"publish","type":"post","link":"https:\/\/insights.invyo.io\/europe\/analyses\/fintech-licensing-lithuania\/","title":{"rendered":"[NEW] All you need to know about Fintech licensing in Lithuania"},"content":{"rendered":"

Lithuania now position itself as a strategic point of access for the Fintech companies considering to penetrate the European market.<\/strong><\/p>\n

[divider]FINTECH LICENSING LITHUANIA[\/divider]<\/p>\n

[tabs tab1=”Payments” tab2=”E-money” tab3=”Specialized bank”]
\n[tab]<\/p>\n

A company holding payments licenses, is entitled to provide any or all payment services identified in Annex 1 of PSD I.<\/p>\n

Two types of the payments licenses:<\/h4>\n

(i) Restricted scope<\/strong>:<\/p>\n

Valid only in Lithuania and the average monthly volume of the payment transactions shall not exceed EUR 3 million<\/strong> within the last 12 months<\/strong>;<\/p>\n

(ii) Full scope<\/strong>:<\/p>\n

A company holding a full scope payments license may provide payment services across the EEA (no volume limits<\/strong> apply) under the freedom of establishment or freedom of services. The minimum required equity capital<\/strong> for the full scope payment institution varies from EUR 20 000<\/strong> to EUR 125 000<\/strong>\u00a0(depending on the payment services to be offered).<\/p>\n

[\/tab]
\n[tab]<\/p>\n

A company holding e-money license<\/strong> is entitled to issue, circulate and redeem e-money as well as to provide any or all of the payment services identified in Annex 1 of PSD I.<\/p>\n

Two types of the e-money license are available:<\/h4>\n

(i) Restricted scope<\/strong>:<\/p>\n

Valid only in Lithuania and the average monthly amount of the unpaid e-money<\/strong> shall not exceed EUR 900 000<\/strong>\u00a0within the last 6 months<\/strong>;<\/p>\n

(ii) Full scope<\/strong>:<\/p>\n

A company holding a full scope e-money license<\/strong> may provide services across the EEA (no volume limits<\/strong> apply) executing freedom of establishment or freedom of services. The minimum required equity capital<\/strong> for the full scope e-money institution is not less than EUR 350 000<\/strong>.<\/p>\n

Payment and e-money institutions<\/strong> can join SEPA payment infrastructure<\/strong> and offer their clients personal accounts with IBAN codes.<\/p>\n

(iii) Tips to apply:<\/strong><\/p>\n

Payments licencing and e-money licensing procedures include, amongst others:<\/p>\n

    \n
  1. Assessment of the institutions\u2019 shareholders<\/strong> (applicable for the full scope licence only),<\/li>\n
  2. Prepare business plan<\/strong> and program of activities,<\/li>\n
  3. Have an appropriate management<\/strong>, internal organisation, processes, risk management and internal control procedures to ensure sound and prudent activities of the payment or e-money institution.<\/li>\n
  4. Documents needed for the licensing may be submitted in English language<\/strong>.<\/li>\n<\/ol>\n

    The regulator is very proactive in granting licenses. A decision may be adopted in only\u00a03 months<\/strong> which is\u00a02-3 times faster<\/strong> compared to other EEA countries<\/strong>.<\/p>\n

    [\/tab]
    \n[tab]<\/p>\n

    As of 1 January 2017, a new concept of a specialized bank<\/strong> has been introduced into the Lithuanian legal framework. Specialized banks are equivalent to full services banks with the license<\/strong> capable of being passported across the EU, except that:<\/p>\n

    (i) Initial capital:<\/strong><\/p>\n

    The requirement for a specialized bank is 5 times lower than for full service<\/strong> banks (EUR 1 million<\/strong> v. EUR 5 million);<\/p>\n

    (ii) Limits<\/strong>:<\/p>\n

    The specialized banks cannot provide investment services or manage investment funds<\/strong>, closed-end investment companies, pension funds or engage in the activities of a similar nature.<\/p>\n

    (iii) Tips to apply<\/strong>:<\/p>\n

    The licensing application is to be submitted to the Bank of Lithuania<\/strong>, however, the ultimate decision is taken by the European Central Bank. The license of a specialized bank should be granted within 6 months<\/strong> (extensions are possible, however up to the maximum of 12 months<\/strong>).<\/p>\n

    [\/tab]
    \n[\/tabs]<\/p>\n

    \n

    The information shared in this article has been provided by Ellex Valiunas, a Vilnius-based law firm that\u00a0help FinTech companies to set up a corporate framework for their business in Lithuania and assist them throughout the licensing process. Know more\u00a0<\/a><\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

    Lithuania now position itself as a strategic point of access for the Fintech companies considering to penetrate the European market. [divider]FINTECH LICENSING LITHUANIA[\/divider] [tabs tab1=”Payments” tab2=”E-money” tab3=”Specialized bank”] [tab] A company holding payments licenses, is entitled to provide any or all payment services identified in Annex 1 of PSD I. Two types of the payments […]<\/p>\n","protected":false},"author":2,"featured_media":5080,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[551,2184],"tags":[1051,270,1579,1586,1585,1584,280,1587,1588,3,324,1582,1047,935,1201,809,586,1578,1580,1583],"yoast_head":"\n[NEW] All you need to know about Fintech licensing in Lithuania - INVYO Insights Europe : Media Fintech<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insights.invyo.io\/europe\/analyses\/fintech-licensing-lithuania\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"[NEW] All you need to know about Fintech licensing in Lithuania - INVYO Insights Europe : Media Fintech\" \/>\n<meta property=\"og:description\" content=\"Lithuania now position itself as a strategic point of access for the Fintech companies considering to penetrate the European market. [divider]FINTECH LICENSING LITHUANIA[\/divider] [tabs tab1=”Payments” tab2=”E-money” tab3=”Specialized bank”] [tab] A company holding payments licenses, is entitled to provide any or all payment services identified in Annex 1 of PSD I. 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