The Board of the Bank of Lithuania has issued two new licences: an electronic money institution licence to UAB epayblock and a payment institution licence to Flywire Europe, UAB.
Having received an electronic money institution licence, UAB epayblock intends to offer its mobile wallet for natural and legal persons, allowing them to transfer funds in a quick and convenient manner. The company plans to devote special attention to institutions engaged in international trade via the Internet. Its target market will be Lithuania and other EU Member States.
Having received a payment institution licence, Flywire Europe, UAB intends to use its platform to offer efficient payment solutions for educational institutions and business clients. The company hopes that its services will be used by both Lithuanian and foreign students.