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Advised PAYMONT, UAB on obtainment of electronic money institution (EMI) license

January 28, 2021

ADON legal team assisted PAYMONT, UAB with obtainment of an electronic money institution (EMI) license from the Bank of Lithuania.

The newly established financial institution is authorized to issue electronic money and provide certain payment services (execution of credit transfers and payment transactions covered by a credit line, issuance of means of payment, acquiring of payment transactions and money remittance).

The direct shareholder of the institution (owning 100% of its shares) is RONDA HOLDING a.s. (Czech Republic). Since the institution’s shareholders are closely related to the Czech Republic and its payment market (by managing or owning licensed companies supervised by the Czech National Bank), they intend to initially start providing their services to the shareholders’ existing customers and later increase their number across the entire European Union.

The licensing process was lead by ADON legal team members Partner Donatas Šliora, and Junior Associate Simas Staniulis.