Google gets EU e-money licence in Lithuania amid Brexit uncertainty

22 December 2018 12:00 am - 0     - {{hitsCtrl.values.hits}}


VILNIUS (AFP) - Lithuania’s central bank said yesterday it has granted Google a pan-European e-money licence as the Baltic eurozone state seeks to attract firms concerned that Brexit may bar them from the EU market.

Google Payment Lithuania “will be able to issue electronic money and provide payment services to ensure smooth operation of its marketplaces across Europe”, it said in a statement.

Lithuania, a nation of 2.8 million people, says Brexit has given a boost to its efforts to become a northern European hub for fintech firms.

Britain-based companies fear they may lose “passporting” rights to provide payment or e-money services to customers in the EU after Brexit in March 2019. “In the light of the upcoming UK-EU split, we are receiving more inquiries than ever before from startups and global enterprises all searching for one thing -- the next major fintech hub,” Mantas Katinas, who heads Invest Lithuania agency, told AFP.

Google has e-money licence in Britain, but its spokesman declined to elaborate if Brexit was a factor to set up a separate subsidiary. “We are constantly working to develop payments products and support our customers,” Google spokesman Adam Malczak told AFP. 

“We have applied for a Payment Licence in Lithuania as part of these efforts, in addition to ongoing discussions as to projects all around Europe,” he added.

Lithuania’s fintech cluster now includes more than 100 licensed companies, according to the central bank. 

Among them is British fintech Revolut which secured a European banking licence from authorities in Lithuania earlier this month.
The Google licence “does not have any restrictions in terms of currency issuance”, central bank spokesman Rimantas Pilibaitis told AFP.


  Comments - 0

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment

Public transport 'side-laned'?

“Miss, mantheeru neethiya nisa api bus passen yanna one. Ithin drop eka par

Land acquisitions in Hanthana and Knuckles Mountain ranges

Sri Lankans will soon lose their opportunity to boast about the rich biodiver

Wanathawilluwa forest clearance: Whodunit?

Days after the Anawilundawa Ramsar Wetland, situated in Puttalam District, ma

‘I’m scared to see her face’

On August 13, a woman happened to meet a child who was in desperate need of h