Our Financial Services & Compliance team advised Nandi Finance on obtaining an electronic money institution licence. This licence is counted to be the 64th electronic money institution licence issued by the Bank of Lithuania.
Nandi Finance plans to offer IBAN accounts and payments services for corporate clients. The payment services will be offered in jurisdictions in which Lithuanian business actively operates. As explains Sigita Adomaitytė, head of Financial Services & Compliance team, it is a great business niche since due to de-risking policy of the conventional bank’s bank accounts of the corporate clients are closed down; also, it is getting harder for these clients to open bank accounts.
Financial Services & Compliance team provided full scope advice to Nandi Finance in relation to acquisition of the electronic money licence, drafted document package for the licence and represented the applicant at the Bank of Lithuania.
Fintech sector has been booming in Lithuania for the last few years. Motieka & Audzevičius, a Fintech law firm, expects such a trend will remain unchanged in 2020. According to the latest Report on the Fintech Landscape in Lithuania 2019-2020 released by Invest Lithuania, 210 Fintech companies operate in Lithuania with 3’400 employees in Fintech sector.