Case: Obtaining an EMI license for a neobank (payment system)

Customer pain?

It is right to choose one license that will allow full operation of the neobank.

What is the client's request?                 

The client's neobank is engaged in providing digital banking services to companies involved in cross-border trade: payments, exchange, transfers, storage. These are fiat currencies, issuing plastic debit cards. Accordingly, an instrument was required that would cover all variants of financial activities. The client was considering an EMI license.

Why was he unwilling or unable to realize the task on his own?

The client did not want to delve into the nuances of licensing, so he immediately turned to specialists. It is necessary to understand all the nuances of the Lithuanian legislation: when and how to place the authorized capital of €350,000, prepare for an interview with the Central Bank of Lithuania, fill out correctly the forms, commercial and financial plan for 3 years, IT security control, correctly prescribe the organizational structure. Lithuania has strict requirements for founders of companies applying for a license.

What solution did we offer and why?

Since the client's activities are related to custodial services and issuing Visa MasterCard cards, we offered EMI a license in Lithuania. Only this type of license currently covers these needs. The license has no expiration date, it is obtained once and for all, but can be revoked in case of fraud or violation of other rules of the regulator.

Were there challenges in dealing with the request – what were they?

When obtaining the license, there was close attention to the prescribed AML policies from the regulator. There were requests for additional documents, our specialists helped the client to prepare them and send the answers to the regulator.

Case duration?

The duration of the case was 8 months, including preparation of documents, approvals and passing through all the necessary stages.

What specialists were involved?

  • tax consultant;
  • company registration manager;
  • financial licensing specialist;
  • Intelligent Solution Group's bank specialist.

Result?

We registered a company in Lithuania and obtained an EMI license. 

Also as an additional service we opened a corporate bank account for work.

More about the service

 

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