Simplex Gets EMI License in Lithuania

Finance Magnates learned on Friday that payments provider Simplex has received an electronic money institution (EMI) license from the Bank of Lithuania.

The Israeli technology firm was previously registered with the Lithuanian regulator under a payment institution license.

But that license largely limited Simplex to facilitating Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term. Now the payments company, which is particularly active in the cryptocurrency space, will be able to do a lot more.

Most notably, an EMI license allows companies to open an electronic money account with the licensee. That means Simplex will actually be able to provide accounts to its clients.

Simplex customers will also be able to pay for goods and services in a secure payment environment. In addition to payment services, the company will offer electronic fraud prevention services - allowing its customers to verify each payment transaction for possible fraud.

One of many

The Israeli payments company was guided through the licensing process by WALLESS, a legal firm based in Vilnius.

"Congratulations to our long-standing client Simplex on having received an e-money license from the Bank of Lithuania," said WALLESS in a post on its LinkedIn page.

"Simplex was one of the first Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term companies to set up in Lithuania and obtained its payment institution license in 2017. [An EMI] license allows [the company] to broaden its product offering."

Despite being one of the smaller countries in the European Union, Lithuania is fast becoming a hot-spot for financial technology firms.

This is particularly true in the payments field. Aside from the UK, more payments companies are registered as EMIs in Lithuania than anywhere else in the EU.