Sorainen Lithuania has advised the Lithuanian telecommunications company Tele2 on obtaining limited electronic money institution licensing, which allows provision of payment services and issue of e-money in Lithuania.
Tele2 became the first telecommunications company in Lithuania to obtain an electronic money institution licence along with the right to provide a much wider range of payment services, including issue of electronic money. Tele2 will now have additional tools to create a package of new services for its clients.
This process of issue of an electronic money institution licence was specific as Tele2 had to shift from a payment institution licence to an electronic money institution licence.
Sorainen assisted Tele2 with preparing documentation for its application and represented the company in communication with the financial supervisory authority, the Bank of Lithuania. The firm's team was led by Partner Tomas Kontautas and Associate Arturas Asakavicius.