FinCause has been granted an electronic money institution license

The Bank of Lithuania has granted an electronic money institution license to the Lithuania based company FinCause, UAB. It will be able to issue electronic money and provide payment services (depositing and withdrawing cash, payment transactions including direct debits and credit transfers, issuance of payment instruments such as payment cards, processing of transfers received from other payment instruments, money remittance) and currency exchange.

The Bank of Lithuania follows strict oversight standards to ensure that qualified participants can enter the country’s and the EU’s financial markets. It reviewed FinCause, UAB business model, internal processes, risk management, anti-money laundering measures, service quality, and compliance with regulations.

FinCause, UAB, plans to provide services to small and medium-sized enterprises in Lithuania and the European Economic Area, Asian e-commerce companies selling their products in Europe, as well as international trading and retail businesses.