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Cobalt Advises Bite Lietuva on Application of License to Operate as Electronic Money Institution

Cobalt Advises Bite Lietuva on Application of License to Operate as Electronic Money Institution

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Cobalt has advised UAB Bite Lietuva, one of the largest mobile operators in Lithuania, on its application for and receipt of a limited-purpose license to operate as an electronic money institution. 

The licence issued to the Bite Lietuva by the Board of the Bank of Lithuania authorizes it to carry out activities related to issuance of electronic money and provision of payment services, and, according to Cobalt, "will enable the company to offer services to private and corporate customers allowing for the safe transfer of money in just a few seconds knowing only the recipient’s phone number." Bite Lietuva will invite customers to create their own accounts and use the instant payment system to transfer money to other individuals or to pay for online purchases of goods or services.  

In providing instant payment services UAB Bite Lietuva will join the National Payments Strategy infrastructure development project implemented by the Bank of Lithuania. It is expected that this step will help to reduce the use of cash, promote competition in the payment services market, and expand and improve modern payment options. According to Cobalt, "it is foreseen that other major players on the market for telecommunications services will also join the project."

The Cobalt team advising Bite Lietuva was led by Partner Akvile Bosaite, supported by Associate Monika Kriunaite.

Lithuanian Knowledge Partner

COBALT is closely integrated alliance of top-tier law offices in Estonia, Latvia, Lithuania and Belarus, making us one of the largest law firms in the Baltic market. 

COBALT is a trusted partner for daily matters and complex large-scale transactions and disputes. The firm’s broad spectrum of expertise and established position as the market leader give a comprehensive basis for providing advice on special areas of business law.

We advise top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

COBALT has been named Baltic Law Firm of the Year 6 times. We were recognized as the Most Innovative Law Firm of the Year 2019 in the Baltics at the IFLR European Awards in London. COBALT also won CEE Legal Matters Deal of the Year Award for Estonia, Latvia, and Lithuania, as well as the overall Baltic Deal of the Year, at the 2019 CEE Legal Matters Awards. We have received multiple awards from the Chambers Europe, IFLR, The Lawyer and Mergermarket and we are regularly listed amongst the top performing M&A legal advisors in the Bloomberg, Thomson Reuters and Mergermarket deal tables

More information on Cobalt can be found at www.cobalt.legal

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