Google gets e-money licence in Lithuania
Bank of Lithuania has granted Google Payment an electronic money institution licence, authorizing it to issue and redeem electronic money as well as provide payment services.
“The end of this year reflects our efforts and experience of the past few years in actively developing a fintech-conducive ecosystem in Lithuania. Our regulatory environment and the benefits it offers have been acknowledged by both start-ups and world-class fintech companies,” says Bank of Lithuania’s board member Marius Jurgilas.
Google Payment is part of Alphabet (Google’s parent company), which will be able to issue electronic money and provide payment services to ensure smooth operation of its marketplaces across Europe, alongside working on other payment services for consumers within the European Economic Area, including Lithuania.
The Lithuanian fintech cluster now includes more than 100 licensed companies, the majority of which are engaged in activities related to payments, electronic money issuance as well as P2P lending and crowdfunding platforms.
Developing an environment conducive to competition and innovation in the financial services field is one of the Bank of Lithuania’s strategic directions for 2017-2020.