The Board of the Bank of Lithuania has granted Google Payment Lithuania UAB an electronic money institution license 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. Our regulatory environment and the benefits it offers have been acknowledged by both start ups and world-class FinTech companies,”

said Board Member Marius Jurgilas.

Google Payment Lithuania UAB is part of Alphabet Inc. (Google’s parent company). Having secured an electronic money institution license, the company 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.

Featured image credit: https://www.lb.lt/en/