Ellex advised Witty Global on obtaining an electronic money institution license
The Board of the Bank of Lithuania granted WITTY GLOBAL, UAB an electronic money institution license authorizing it to issue electronic money and provide payment services indicated in the Republic of Lithuania Law on Payments: cash withdrawal from an account, credit transfers, issuance of payment instruments and processing of payments. The firm was advised by Ellex in Lithuania Banking and finance practice.
The Board of the Bank of Lithuania decided in favor of the company regarding issuing this license at the end of 2020.
The institution indicated that its activity would not be focused only on legal entities. It also intends to offer services to individual groups of the population by age and their activity. WITTY GLOBAL, UAB intends to provide its services in the entire European Economic Area. However, its primary focus will be Lithuania, Latvia, Germany, France, Spain, Belgium, Poland, and Romania. Its customer support center will be established in Lithuania.
The institution’s direct shareholder (holding 100% of its shares) is Witty Tech Ltd, a company registered in the United Kingdom. Witty Tech Ltd owns a group of undertakings established in several countries, where it intends to obtain electronic money institution licenses.
The Banking and Finance Practice team worked on the project: partner Ieva Dosinaitė, senior associates Julija Šlekonytė and Neringa Mickevičiūtė, associate consultant Mindaugas Moskalionas, associate Domantas Gudonis, and junior associate Eglė Radvilaitė.