Lithuanian industry insiders hope an incoming regulatory framework for “specialised banks” will help e-money institutions gain a foothold in a bank-dominated payments market.
As of January 1, 2017, non-bank payments providers will be able to apply to the Bank of Lithuania for authorisation as a specialised bank.
Artūras Asakavičius, an associate at Sorainen law firm’s Vilnius practice, said the new regime could help payment and e-money institutions offer a wider variety of services without incurring the full burdens associated with holding a traditional banking licence.
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