Lithuania’s issues e-money licenses two 2 fintech companies

The Board of the central Bank of Lithuania has issued electronic money institution licenses to PCS Transfer and Simplex Payment Services, authorizing them to issue electronic money and provide certain payment services.

Initially, PCS Transfer plans to operate in Lithuania and later expand to Germany, the United Kingdom, France and other EU member states, the central bank said in a statement on Friday.

Having secured an electronic money institution license, PCS Transfer will work on facilitating the use of the e-wallet while making payments to individuals or small and medium-sized enterprises conducting online transactions as well as payments for goods and services.

Meanwhile, the electronic money institution license granted to Simplex Payment Services will replace its previously held payment institution license. The enterprise is not only going to provide payment services (including transfers of funds, acquiring of payment transactions, money remittances) but will offer the possibility to open an electronic money account.

The beneficial owners of PCS Transfer are US citizens Daniel Notestein and Donna Mitchell.

The only beneficial owner of Simplex Payment Services is SimplexCC Ltd, an Israeli fintech company. It was granted a payment institution license in Lithuania in 2017 and no employs 29 people, according to Lithuania’s social insurance funds SoDra.

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