Google Payments Gets Electronic Money Institution License From Bank of Lithuaniabr>
The Board of the Bank of Lithuania has granted Google Payment Lithuania UAB an electronic money institution licence authorizing 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,” said the bank’s board member Marius Jurgilas. “Our regulatory environment and the benefits it offers have been acknowledged by both startups and world-class FinTech companies.”
Google Payment Lithuania UAB is part of Alphabet Inc. (Google’s parent company). Having secured an electronic money institution licence, the company will be able to issue electronic money and provide payment services to 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, and P2P lending and crowdfunding platforms.