Cobalt has helped UAB Wittix obtain an electronic money institution license for unrestricted activity.
According to Cobalt, "the license will enable Wittix to issue and/or acquire payment instruments and process incoming payments, execute payment transactions, and transfer funds on the payment account. In addition, Wittix will be entitled to make one-off direct debit transfers and execute payment transactions through a payment card or a similar device, as well as make money remittances, issue, distribute, and redeem electronic money."
Cobalt advised Wittix on all issues related to obtaining the license, drafted the license application documents, and represented the company with the Bank of Lithuania.
The Cobalt team was led by Senior Associate Justina Milasauskiene and Associate Justina Auzbikaviciene.