EMI licensing

An electronic money institution is a market participant licensed by the Bank of Lithuania, which has the right to issue electronic money. At the end of 3Q of 2020 the public list of EMIs and PIs included 121 entities. In 3Q 2020, income from electronic money issuance and payment services amounted to EUR 60.3 million. In terms of licensed EMIs, the country was ranked first in continental Europe. To create a favorable environment for Lithuanian and foreign start-ups, a special EMI license project was implemented, which aims to facilitate the entry of new market participants into the Lithuanian and later the European Economic Area market.

Why Lithuania?

  • Lithuania is one of the two fastest EMI Licensing governments in the EU.
  • License can be obtained within 3 – 6 months.

What do you get by obtaining license in Lithuania?

Due to the visible leap in the -money and payment areas, the Bank of Lithuania offers one license that opens the door to the 28 European Union countries while accessing:

  • An open door to 28 countries in the EU;
  • Over 500 million customers.
  • 24 million small/medium-sized enterprises.
  • Over 7,000 banks and credit unions.
  • Direct access to SEPA through the Bank of Lithuania;
  • You can reach 34 SEPA countries;
  • Access to the API system and your unique IBAN code.

Licensing process

The following basic stages in the authorization process:

  • submission of an application for an EMI license to the Supervision Service of the Bank of Lithuania. The Supervision Service, within 5 business days, reviews whether all necessary documents have been submitted and, where no formal deficiencies are identified, accepts the application for consideration.
  • assessment of an application for a license of an EMI and attached documents. If the submitted documents are without defects, the license is issued as soon as possible within 2-3 months term.
  • issuance of a license or refusal to issue a license: after finishing assessment of submitted documents, the Board of the Bank of Lithuania analyses summary information submitted by the Supervision Service and takes a decision regarding the issuance of a license or refusal to issue it.

To receive an EMI license to engage in restricted activities, the company must submit to the Bank of Lithuania an application form and documents listed below:

  • Documents confirming legal status of the applicant.
  • Document confirming the right of representation of a representative.
  • Document confirming the payment of a stamp duty for license issue.
  • Program of operations.
  • Business plan.
  • Documentary evidence that the minimum size of the equity capital does not fall below the amount specified in Article 22(2) of the Republic of Lithuania Law on Electronic Money and Electronic Money Institutions.
  • Description of measures taken (to be taken) to safeguard consumer funds.
  • Description of governance arrangements and internal control mechanisms, including administrative, risk management and accounting systems.
  • Description of structural organization.
  • Notification of the proposed acquisition.
  • Questionnaires of members of the management body and key function holders of financial market participants supervised by the Bank of Lithuania completed by the managers of an applicant specified in Article 16 of the Republic of Lithuania Law on Electronic Money and Electronic Money Institutions.
  • Professional indemnity insurance contract and other documents confirming other comparable liability guarantees and details and substantiation of calculation of the sum insured or of other comparable liability guarantee.
  • Questionnaire on the operational risk of the applicant’s activities.

How can we help

  • We will help you to meet all requirements of the Bank of Lithuania and acquire a license for your FinTech institution.
  • We advise on legal issues, prepare necessary documents and represent your company at the Bank of Lithuania.

Sintesi Consulting has a number of solid partnerships with law firms in Lithuania. We ensure that the client receives a full-service package and licensing process will go as professional and smooth as possible.

For more information contact us:

E-mail: martynas.kalvaitis@sintesi.lt; mobile phone: +370 656 96055

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