Swedish e-scooter rental company Voi is now offering its own Mastercard credit card issued by Advanzia Bank as part of its sustainable mobility initiative. It is a departure from the classic credit card miles reward programmes that are usually tied to air miles, which is not necessarily the most climate-friendly way to travel. The integrated loyalty programme allows cardholders to collect miles with every payment, which can then be redeemed for free e-scooter rides. Upon receiving the card, an additional 6000 miles are credited which enables customers to redeem six free rides. To round off the card’s mobility concept, all…

Today the Bank of Lithuania issued its digital collector coin LBCOIN. Tthis is not only the first digital coin issued by a central bank in the euro area, but also across the world. LBCOIN is dedicated to Lithuania’s 1918 Act of Independence and its 20 signatories. “The digital coin is a striking illustration of what we have achieved in just a few years following our strategic decision to take a firm path towards financial and payment innovation. It serves as a bridge that brings together classical numismatics and rapidly evolving financial technologies. I have no doubt that LBCOIN will strengthen…

The electronic payment network Paysera is expanding to Kosovo. The Central Bank of Kosovo has already granted Paysera Kosovo the first Electronic Money Institution (EMI) licence in the country. When Paysera started operating in the Baltics 16 years ago, transfer rates in the region were similar to those in Kosovo today, but competition led to cheaper domestic and international transfers, leaving no fees for crediting of transfers. Representatives of the licensed international network claim that transfers to Kosovars will also become cheaper, some by 25 times. “We know that before COVID-19, Kosovo was the fastest growing economy in the Western…

This year the Fintech Week Lithuania took place online, and it still managed to provide a solid discussion platform for experts from all over the world. And the discussion was necessary, as the banking industry, as well as the global economy, are facing tremendous challenges and changes, that are on par with the 2008 financial crisis. Genome participated in the conference, and we have decided to share some of the most thought-provoking ideas voiced during the Fintech Week regarding the future of banks and Fintech, and the impact of COVID-19 on the industry. Traditional banks are not being disrupted by…

Luminor, the third-largest provider of financial services in the Baltics, has partnered with cloud portfolio management platform provider FA Solutions for its Asset & Pension Fund business segment, enabling Luminor Pensions to streamline cross-border operations and consolidate its multi-country systems into one platform. Luminor is a contemporary new generation bank and financial services provider, combining global knowledge with local expertise. It is the largest local independent bank in the Baltics with a central office in Estonia and branches in Latvia and Lithuania. In line with local regulation of pension asset management, Luminor Pensions operates through separate local legal entities in…

The Riigikogu on Wednesday passed a bill to amend the Aliens Act to allow for the creation of a digital nomad visa enabling foreign nationals whose work is not dependent on their location to work in Estonia. The bill initiated by the government was carried in the 101-seat chamber by a vote of 83 to one. A digital nomad visa can be both short-term and long-term. Digital nomad visa applications will be subject to general visa conditions. While in essence, digital nomadism can be construed as a form of tourism, it is not so much tourism in the traditional sense…

The European Bank for Reconstruction and Development (EBRD) becomes partners of Startup Wise Guys (SWG) fourth Fintech accelerator program starting in autumn 2020 in Vilnius, Lithuania. This program provides investment of up to 100K EUR and an up to 5 months intensive full-time accelerator program with the focus on Fintech topics. Applications are open and international startups with initial traction and tackling Fintech, PropTech, InsurTech, analytics, RegTech, cyber security areas are welcome to join. Selected startups can receive up to 100K EUR total investment depending on their traction with a follow-on possibility of up to 250K EUR, and intense mentorship…

The world’s first blockchain-based digital collector coin (LBCOIN) created by the Bank of Lithuania as well as its e-shop have entered the final testing phase. Upon its successful completion, the digital coin should be issued by July 2020. “LBCOIN is based on innovative and sophisticated solutions. Therefore, it has to be tested at various angles, for example, in terms of functionality, personal data protection and resilience to cyber risks. During this final phase, the Bank of Lithuania has certainly gained some extremely valuable experience and insights,” said Pavel Lipnevič, manager of the LBCOIN project at the Bank of Lithuania. The…

Spell has partnered with Luminor to support them in growing their payments business across the Baltic region. Spell’s white-label platform will enable Luminor’s processing center to accelerate payment processes and significantly scale its volume of payments. “Luminor is delighted to partner with Spell. With their support, we are able to significantly scale our payments operations, effectively allowing us to compete with advanced fintechs in terms of speed and efficiency. It is important for us to have an agile, flexible and future-proof solution, and Spell’s platform hits all of these requirements,” said Justas Noreika, Head of Acquiring and E-commerce at Luminor.…

It always seems impossible until it’s done, said Nelson Mandela. And a process of moving business online can definitely relate to this statement. Even a thought of it makes you freeze of the number of associated unknowns. Where to find developers to make a website, how long does it take to make one, what would be the costs associated with it, is it worth it, at all… To ease the minds of all entrepreneurs who are new to online business we have prepared an alternative path which would have zero unknowns. Clear and simple way, following which you will be…

Four years ago, Revolut set out to build a new kind of bank. The kind of bank that solves your problems and treats you fairly. And starting today, Revolut takes the first step as they launch Revolut Bank to their 300,000 customers in Lithuania. Upgrade to the bank in minutes Lithuanian customers upgrade to Revolut Bank in a matter of minutes. Simply update to the latest version of the app, and follow the instructions from the news banner on the main app screen. The whole process should only take a few minutes. Deposit protection up to €100,000 Lithuanian customers who…

The Board of the Bank of Lithuania has revoked the payment institution licence held by Bruc Bond, UAB (formerly UAB Moneta International). Such a decision has been taken in view of non-compliance with the requirements pertaining to its existing licence and serious infringements of legislation regulating the prevention of money laundering (ML) and terrorist financing (TF), as well as inadequate safeguarding of customer funds and the provision of incorrect information to the Bank of Lithuania in its supervisory reports. The institution can no longer provide payment services and must return the funds received to its customers. “In response to the…

The emergency situation, remote working, the aim of avoiding physical contacts are making companies to adapt their products and services to the current situation. Estonian startup sector has responded fast and vigorously to the changing socioeconomic situation caused by the coronavirus pandemic, offering many innovative solutions to keep life and business going worldwide. Estonian Investment Agency (Invest Estonia) has a team around the world that can help to track down suitable VC’s and bring you all together. “We want to support Estonian startups during the crisis and help them bring in new investments that exceed 250,000€. So, Estonian startup, if…

Mambu, an innovative cloud platform for banks, Fintechs and financial service providers, is establishing an engineering centre in Lithuania. The new Vilnius team, which is expected to grow to 100 employees within 3 years, will serve as one of the company’s prime engineering centres and play a key role in product development. Established in Germany, Mambu currently has nearly 300 employees spread across the globe and offices in Berlin, Amsterdam, Dresden, Iași, London, Miami, Singapore, Sydney, and soon Vilnius. The company began as a provider of banking technology to microfinance institutions. It quickly grew to become a major SaaS banking…

As the global Covad-19 Coronavirus Pandemic starts its streak across Europe, businesses both large and small are bracing for the imminent problems that are forthcoming. This is not a slow process, as it is hitting world economies quickly and hard. People will, and are, losing their jobs, their homes, their assets and life savings. It is time to pull out all the stops and fight for survival. Citizens of the world will unite to help each other and this is what is taking place right now within “wisefund”. Wisefund announced on March 17 that it will provide an option to…

Xolo will offer all new customers of Xolo Leap a fully-licensed German bank account, available online through the platform. The banking functionality is provided by Wirecard. This removes the last obstacle for a quick and seamless launch of an EU company through Estonia’s unique e-Residency program. Previously, the customers either needed to travel to visit the bank or opted for using e-money providers such as TransferWise. Now, they can get a fully-licensed bank account online through Xolo. Solopreneurs who are launching their companies through Xolo can now apply for and get a bank account fully online, including passing the know-your-client (KYC) process.…

Leading startup and tech conference in the Baltics TechChill sets records and gathers over 2300 attendees from across the globe. Estonian startup wins TechChill 2020 pitch competition and receives the main prize. The lucky winner took home 10 000 EUR, no strings or equity attached, got fast-tracked to Startup World Cup finals in San Francisco and AWS credits worth 10 000 USD. Adact, Hugo.legal, VeritaCell all received 100 000 EUR total soft commitment by a syndicate of Latvian Business Angel Network LatBAN. TechChill has been a place for startups to gather and meet investors for already nine years now, and…

The Board of the Bank of Lithuania has approved the sample of the physical version of the digital collector coin – an original silver coin bearing a denomination of €19.18 to commemorate the year of the Act of Independence of Lithuania. LBCOIN is dedicated to this prominent Act and its 20 signatories. The size and form of the physical silver coin resembles a credit card, depicting the Act of 16 February 1918 as well as a digitised picture of the Council of Lithuania. The latter consists of more than 36,500 pixels – the approximate number of days that have passed…

The world‘s first blockchain-based digital collector coin created by the Bank of Lithuania is dedicated to the 16 February 1918 Act of Independence of Lithuania and its 20 signatories. The coin is expected to be issued in spring 2020. “This innovative coin will feature the signatories due to their significant role in the country’s history and contribution to the restoration of our independence. Quite a few of them could be called innovators of their time, as they created and brought progress to Lithuania,” said Marius Jurgilas, Member of the Board of the Bank of Lithuania. According to him, realisation of…

The Bank of Lithuania has chosen IBM Polska and Tieto Lietuva, UAB to proceed to the next stage of its endeavour to create LBChain, a blockchain-based technological platform. The winner of the project will be revealed after the final testing session, which is to begin soon. To this end, the Bank of Lithuania issued an open call for fintechs and startups to register their interest in participating in the testing phase. “The final testing session will show which solution is most suitable for market needs. We believe that the greatest advantage of LBChain is its versatility. We strive to create…