The Bank of Lithuania has granted on Friday Google company an EU electronic money institution (EMI) license amid the country's efforts to become a regional fintech licensing hub.
On Friday, EMI license has been issued to Google Payment Lithuania UAB, Lithuania-registered company controlled by Alphabet Inc., Google's parent company.
The EMI license authorizes the company to issue and redeem electronic money and provide payment services.
"Our regulatory environment and the benefits it offers have been acknowledged by both start ups and world-class fintech companies," Marius Jurgilas, the member of the Board of the Bank of Lithuania, was quoted as saying in a statement by the Bank.
According to the Bank, Google Payment Lithuania will be able to provide payment services with the Lithuanian license across Europe.
"We are constantly working to develop payments products and support our customers, we have applied for a payment license in Lithuania as part of these efforts, in addition to ongoing discussions as to projects all around Europe," Google spokesman Adam Malczak told local media on Friday.
Google's EMI license in Lithuania was issued around a week after Revolut, a UK-based fintech start-up received European banking license which was facilitated by the Bank of Lithuania, paving the way for the company's banking services throughout Europe.
"The end of this year reflects our efforts and experience of the past few years in actively developing a fintech-conducive ecosystem in Lithuania," says Jurgilas.
Google's EMI license is the 45th EMI license issued by the Bank of Lithuania so far. In total, more than 100 fintech companies, mostly in payments, electronic money issuance, peer to peer lending, crowdfunding, are licensed in Lithuania, according to the Bank of Lithuania.
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