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December 21, 2018

Google secures e-money licence in Lithuania

Internet giant Google has obtained a pan-European e-money licence from the Lithuanian central bank.

Google Payment Lithuania forms part of Alphabet. The licence will enable Google Payment Lithuania to issue and redeem electronic money as well as offer payment services.

Bank of Lithuania board member Marius Jurgilas said: “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.”

With the inclusion of Google to its roster, Lithuania has over 100 licenced firms. Several of these firms are engaged in payments, electronic money issuance as well as P2P lending.

Earlier this month, Revolut secured an electronic money licence from the Bank of Lithuania.

One of Lithuania central bank’s strategic directions for 2017-2020 is developing competition and innovation in the financial services sector.

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