The Board of the Bank of Lithuania has issued electronic money institution licences to international companies and granted permission to reorganise the life insurance company.
Two electronic money institution licences issued The Board of the Bank of Lithuania has issued electronic money institution licences to PCS Transfer, UAB and Simplex Payment Services, UAB, authorising to issue electronic money and provide certain payment services set forth in the Republic of Lithuania Law on Payments.
Having secured an electronic money institution licence, PCS Transfer, UAB will work on facilitating the use of the e-wallet while making payments to individuals or small and medium-sized enterprises conducting online transactions as well as payments for goods and services. The beneficial owners of the company are citizens of the USA. As part of its expansion plan, the company intends to develop its business in Lithuania and then spread it to Germany, the UK, France and other EU countries.
The electronic money institution licence granted to Simplex Payment Services, UAB will replace its previously held payment institution licence. The enterprise is not only going to provide payment services (including transfers of funds, acquiring of payment transactions, money remittances) but will offer the possibility to open an electronic money account. Using its services, the company’s customers will be able to pay for goods and/or services in a secure payment environment. In addition to payment services, the company will offer electronic fraud prevention services allowing its customers to verify each payment transaction for possible fraud.
The only beneficial owner of Simplex Payment Services, UAB is SimplexCC Ltd, an Israeli fintech company.
Bank of Lithuania granted permission to reorganise AB SEB gyvybės draudimas
At the request of AB SEB gyvybės draudimas, the Board of the Bank of Lithuania granted permission to reorganise the company by merging it with the Latvian insurer SEB Dzīvības apdrošināšana which belongs to the SEB Financial Group. Once the merging is complete, the reorganised company will further provide services to the customers of AB SEB gyvybės draudimas. The Estonian insurer SEB Elu- ja Pensionikindlustus is also to be merged with this Latvian company.
After the reorganisation, the Latvian insurer will take over the rights and obligations of the reorganised Lithuanian and Estonian insurers, change its legal form into an SE (Societas Europaea) and provide services through its branch established in Lithuania.
SEB Life and Pension Holdings AB (Sweden) holds all shares of both companies undergoing reorganisation (Lithuania and Latvia) and the involved insurer (Latvia).