WALLESS Weekly Review
Please note that the review is in Lithuanian.
On 13 of December the Bank of Lithuania issued an electronic money institution license to the Lithuanian subsidiary of UK fintech Revolut, which will allow serving its customers in the entire European Economic Area post Brexit.
Furthermore on the same date European Central Bank issued a license to Revolut Bank which will be established and function from Lithuania. This is the second specialised bank license issued to a Lithuanian entity. Earlier this year a specialised bank license was issued to Mano Unija – a credit union which will be reorganised in to the bank functioning as a public company.
Specialised bank concept was introduced in Lithuania in the beginning of 2017 with the aim to ease the entrance to the consolidating local banking market. Because of lower initial capital requirements and ability to offer services outside Lithuania under the EU passporting rights, the specialised bank regime soon got noticed by local and international fintech players.
A team of WALLESS attorneys, including Joana Baublyte-Kulviete, Gediminas Reciunas, Lina Radaviciene, Simona Kisunaite and others advised Revolut.