WALLESS Assisted Safe Connect, UAB in Obtaining a Payment Institution License from the Bank of Lithuania

Safe Connect, UAB has been granted a payment institution license by the Bank of Lithuania. This license will allow Safe Connect, UAB to offer payment services indicated in the Republic of Lithuania Law on Payments.

After receiving a payment institution license, the company plans to operate similarly to Safe Connect Ltd, an institution licensed in the United Kingdom, by offering open banking and account information and payment initiation services. After Brexit, current Safe Connect Ltd customers based in the United Kingdom will be served by the institution operating in Lithuania.

Safe Connect’s direct shareholder holding 100% of its shares is Yapily Ltd., a company registered in the United Kingdom with the main shareholders from Italy, Germany, and Guernsey.

WALLESS team who assisted Safe Connect, UAB throughout the licensing process consisted of partner Joana Baublytė-Kulvietė and associate partner Lina Radavičienė.

More information can be found here.