UAB Finansinės paslaugos „Contis” granted an electronic money institution licence

The Board of the Bank of Lithuania has issued an electronic money institution licence to UAB Finansinės paslaugos „Contis”. The company intends to issue electronic money and provide certain services set forth in the Republic of Lithuania Law on Payments: services enabling cash withdrawals from a payment account, credit transfers, issuing of payment instruments and/or acquiring of payment transactions.

The company is part of the leading European alternative banking and payments solutions group – Contis Group – whose parent company and sole beneficial owner is the UK-based Contis Group Limited.

UAB Finansinės paslaugos „Contis” applied to the Bank of Lithuania in pursuit of an electronic money institution licence, which would allow maintaining business continuity within the European Economic Area in the event of a no‑deal Brexit as well as expanding the group’s services. Having secured an electronic money institution licence, UAB Finansinės paslaugos „Contis” will offer services in other countries without any branches, planning to carry out its activities solely through intermediaries.

Within Contis Group, payment services are currently provided by Contis Financial Services Ltd, which holds an electronic money institution licence issued by the UK’s Financial Conduct Authority (FCA). Contis Group also issues cards for various types of payments and owns a payment processing platform.