Lithuania Issues 2 Electronic Money Institution Licence

Lithuania Issues 2 Electronic Money Institution Licence

by August 29, 2019

The Board of the Bank of Lithuania issued two electronic money institution licences to SumUp and Goopal Pay, UAB. The licensed companies will be able to offer electronic money issuance (redemption) and certain payment services.

Having secured the licence, SumUp intends to offer similar payment services as those already provided by SumUp Payments Limited – an electronic money institution which belongs to the SumUp Group and is licensed in the United Kingdom. The SumUp Group offers a card reader app allowing mobile phones and tablets to be used as payment card terminals and to accept customer payments at minimal cost.

According to the founders of Goopal Pay, UAB, the company’s main clients should initially be EU-based small and medium-sized enterprises established by Chinese entrepreneurs and related to the country’s market. The company also intends to provide its services to Chinese students, immigrants and tourists.

The direct shareholder of Goopal Pay, UAB is the Chinese payment solutions company China Binary Sale Technology Limited which is publicly listed on the Hong Kong Stock Exchange.


Featured image credit: Bank of Lithuania