COBALT advised Libera exosculatio in obtaining the fourth licence issued to an electronic money institution in Lithuania
2015 — 10 — 27

COBALT advised Libera exosculatio in obtaining a licence of an electronic money institution. The licence granted to the company by the Board of the Bank of Lithuania entitles it to engage in activities related to the issuing of electronic money and the provision of payment services. This is the 4th time that such type of a licence was issued in Lithuania.

The licence will make it possible for the company to render services enabling electronic money placement on, and withdrawal from, a payment account, as well as all of the operations required for operating a payment account.

The electronic system will operate the payment card processing system and E-wallet. Libera exosculatio will offer to its customers to create their own accounts and make payments for any online purchases of goods or services using payment cards. The customers will likewise be able to keep their money in E-wallet, a full-fledged payment system corresponding to the basic banking structure with various functions.

COBALT team advised Libera exosculatio on all issues related to obtaining the licence, drafting of the licence documents and provided assistance in negotiations. The project was led by Managing Associate Akvilė Bosaitė and Associate Aurelija Balčiūnė.