Top electronic money institutions in Lithuania

In Lithuania, electronic money institutions (EMIs) are regulated by the Bank of Lithuania, the country’s central bank. According to the Bank of Lithuania’s website, EMIs are financial institutions that issue electronic money and provide payment services using electronic money. They are required to hold a minimum of EUR 350,000 in capital, and are subject to certain prudential requirements and supervisory measures.

 

EMIs can offer a range of payment services, including the issuance of electronic money, the acceptance of electronic money as a means of payment, and the execution of payment transactions. They may also provide other services related to electronic money, such as money transfer services or the operation of payment systems.

 

EMIs in Lithuania must be authorized by the Bank of Lithuania and comply with relevant regulations, including the EU’s Second Electronic Money Directive (EMD2) and the Payment Services Directive (PSD2). EMIs are also subject to ongoing supervision by the Bank of Lithuania to ensure that they are operating in a safe and sound manner.

 

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    The Bank of Lithuania is responsible for regulating and supervising EMIs in Lithuania, and it may have information on its website about the EMIs that are authorized to operate in the country.

    Click to view full reports directly from Bank of Lithuania

    Key performance indicators of electronic money institutions More: https://www.lb.lt/en/emi-performance-indicators

    No Name and code of the company Type of licence Total amount of customer funds to be safeguarded¹ Funds with central banks Total income
    1 Ambr Payments, 305270426 EMI 6 0 10
    2 AWX Lithuania, 305697289 EMI 0 0 0
    3 B4B Payments Europe, 305539054 EMI 14893 0 764
    4 Bebawa, 305483424 EMI 12 17 322
    5 BEM Europe, 305084126 EMI 0 0 0
    6 Blender Lithuania, 304230261 EMI 85 0 2049
    7 BW SYSTEM OU, 305574219 EMI 0 0 0
    8 CBI Money, 305224044 EMI 0 0 -1
    9 Clearshift, 305157923 EMI 1642 1916 132
    10 ConnectPay, 304696889 EMI 151126 143941 6114
    11 Contomobile, 304285884 EMI 108 274 31
    12 Corporate Services, 304630394 EMI 2730 3228 414
    13 Curve Europe, 305626541 EMI 932 0 12664
    14 Demivolt, 305562462 EMI 5 5 9
    15 deVere E-Money, 304469514 EMI 10116 10790 719
    16 Digital Virgo Payment, 305065446 EMI 0 0 430
    17 DiPocket, 305599375 EMI 6860 0 732
    18 E4F Money, 305098485 EMI 0 0 0
    19 Elektroninių pinigų bitė,  304473256 EMI 2862 0 161
    20 Finansinės paslaugos "Contis", 304406236 EMI 105204 13155 30595
    21 Finci, 304934066 EMI 17421 11667 1710
    22 Foxpay, 302455836 EMI 10375 10903 1010
    23 FUNDSTR, 305201405 EMI 191 0 113
    24 Glocash Payment, 304596376 EMI 892 0 791
    25 Google Payment Lithuania, 304940902 EMI 0 0 12
    26 GPS Capital Markets Europe, 305629046 EMI 892 0 432
    27 Guru Pay, 304891889 EMI 24536 24302 1494
    28 H Pay & Go, 305007941 EMI 135 135 0
    29 IBS Lithuania, 304310405 EMI 20084 26859 1230
    30 International Payment Union, 304917978 EMI 359 408 15
    31 KogoPay, 304956760 EMI 164 0 0
    32 Lietuvos paštas, 121215587 EMI 1144 0 71333
    33 Lux International Payment System, 305158007 EMI 34 0 11
    34 Maneuver LT, 304785124 EMI 57259 61582 2102
    35 Monavate, 305628001 EMI 26 0 362
    36 Nayax Europe, 304891914 EMI 36501 0 16794
    37 Nandi Finance, 305138937 EMI 1886 2009 265
    38 NEO Finance, 303225546 EMI 9602 10405 2478
    39 NEOCARD, 302948868 EMI 652 665 482
    40 NexPay, 304708124 EMI 23681 23681 2316
    41 Nikulipe, 305189166 EMI 1 1 30
    42 NIUM EU, 304548794 EMI 990 0 283
    43 Okeo Payments, 305219549 EMI 592 593 0
    44 Opal Transfer EU, 305026817 EMI 8 0 163
    45 PAYMONT, 305673740 EMI 135 0 0
    46 Paynt, 303227757 EMI 8433 0 3504
    47 PAYRNET, 305264430 EMI 276049 211023 5161
    48 Paysera LT, 300060819 EMI 434019 239723 8356
    49 Payswix, 304604766 EMI 21564 22346 2198
    50 Paytend Europe, 304730875 EMI 4129 4910 1215
    51 Paywho, 305540551 EMI 0 0 0
    52 PanPay Europe, 304516316 EMI 1448 1449 602
    53 PCS Transfer, 304836743 EMI 57 62 0
    54 Perlas Finance, 301169732 EMI 48502 18 8928
    55 Pervesk, 304186270 EMI 50933 45594 3132
    56 PHOENIX PAYMENTS, 304920426 EMI 159639 128148 36803
    57 Pyrros, 304600426 EMI 2157 1638 411
    58 Rebellion Fintech Services, 304935086 EMI 28 28 0
    59 SatchelPay, 304628112 EMI 22049 20978 1746
    60 Secure Nordic Payments, 303262295 EMI 10920 7590 955
    61 Seven Seas Europe, 304632897 EMI 3101 2385 171
    62 Sezzle Lithuania, 305655817 EMI 0 0 182
    63 Silvergate LT, 305181493 EMI 18 0 3
    64 Simplex Payment Services, 304445876 EMI 14836 7932 33591
    65 SONECT Europe, 305152431 EMI 3 6 205
    66 STANHOPE FINANCIAL, 305574870 EMI 4924 1265 557
    67 SumUp EU Payments, 305074395 EMI 873 0 3711
    68 TeslaPay, 304715528 EMI 9544 9561 614
    69 Transactive Systems, 304705758 EMI 67937 67282 9926
    70 TransferGo Lithuania, 304871705 EMI 434 0 17686
    71 Travel Union, 305106882 EMI 507 507 3
    72 TT Express, 302699228 EMI 551 0 300
    73 UPLATA EU, 305182887 EMI 5075 5148 613
    74 Valyuz, 304782929 EMI 40740 40645 4632
    75 Verified Payments, 304576936 EMI 7194 6569 1542
    76 Verse Payments Lithuania, 304932396 EMI 11353 7296 11090
    77 Via Payments, 304531663 EMI 26318 22361 10319
    78 Walletto, 304686884 EMI 64967 65683 15783
    79 Wallter, 304740691 EMI 33521 29671 10069
    80 WITTY GLOBAL, 305433923 EMI 998 0 52
    81 Wittix, 304900982 EMI 11923 12268 2547
    82 ZEN.COM, 304749651 EMI 46614 19806 15361
    1 Bitė Lietuva, 110688998 * restricted EMI      
    2 Drusvalas, 302765361 * restricted EMI 0 0 1578
    3 NS Pay, 305652931 * restricted EMI 2268 0 3
    4 Tele2, 111471645 * restricted EMI      
    5 Telia Lietuva, 121215434 * restricted EMI      
    87 Total EMI   1897767 1328428 372120
    1 ArcaPay, 305689591 PI 7 0 588
    2 BASTARAS, 179460961 * PI      
    3 Best Finance, 304885975 PI 0 0 1058
    4 Changer4u, 304861465 PI 0 0 143
    5 Click2Sell, 300110581 PI 2208 0 2209
    6 DSBC Financial Europe, 304713395 PI 6700 0 722
    7 EasyBill, 304437228 * PI      
    8 Elektroninių mokėjimų agentūra, 136031358 * PI      
    9 Elotus, 166403298 * PI      
    10 Finnovative Solutions, 305206391 * PI      
    11 Flywire Europe, 305020885 PI 0 0 11369
    12 GODLIJA, 171485521 * PI      
    13 Yapily Connect, 305602679 * PI      
    14 Jonavos paslaugos, 156916523 * PI      
    15 Kaišiadorių butų ūkis, 158806029 * PI      
    16 Kevin EU, 304777572 PI 0 0 120
    17 Kuan Financial, 305134383 ** PI      
    18 Lock Trust, 304841352 PI 0 0 0
    19 Majestic Financial, 304712140 PI 1721 7061 1005
    20 Montonio Finance, 305205122 * PI      
    21 NovaPay, 305249880 PI 0 247 63
    22 OPAY solutions, 302664558 PI 1269 0 800
    23 Pay by B, 305736742 9 PI      
    24 Paystrax, 304888494 PI 11474 10363 13035
    25 PANEVĖŽIO BUTŲ ŪKIS, 147146714 * PI      
    26 Rausidas, 179323286 * PI      
    27 RIA Lithuania, 305592651 PI 1646 264 6503
    28 SHIFT Financial Services LT, 304726229 PI 0 79 92
    29 Sollo, 302575294 * PI      
    30 TBF Finance, 304483528 PI 0 0 421
    31 Utenos butų ūkis, 183605327 * PI      
    32 ValorPay, 304881005 PI 0 0 0
    33 Victum, 147058673 * PI      
    34 Viena sąskaita, 300530005 * PI      
    35 Virtualių paslaugų operatorius, 300093064 * PI      
    36 Visagino būstas, 155498117 * PI      
    1 Ashburn International, 111637661 * restricted PI      
    2 Drauskaita, 304254248 * restricted PI      
    3 Ignalinos butų ūkis, 255512870 * restricted PI      
    4 Informacinio verslo paslaugų įmonė, 123043773 * restricted PI      
    5 Kauno spauda, 135520314 * restricted PI      
    6 Kelmės vietinis ūkis, 162732556 * restricted PI      
    7 Kupiškio komunalininkas, 164702526 * restricted PI      
    8 Molėtų švara, 167500661 * restricted PI      
    9 PANEVĖŽIO BŪSTAS, 147146333 * restricted PI      
    10 TAURAGĖS BUTŲ ŪKIS, 179206436 * restricted PI      
    11 Tavo pastogė, 166576994 * restricted PI      
    1 CommonSign, 305227841 * PI account information      
    2 Connectly, 305578107 * PI account information      
    3 Fintegry, 302305605 * PI account information      
    4 Kontomatik, 304852516 * PI account information      
    51 Total PI   25025 18014 38128
    No Name and code of the company Type of licence Total amount of customer funds to be safeguarded¹ Funds with central banks Total income
    1 Ambr Payments, 305270426 EMI 6 0 10
    2 AWX Lithuania, 305697289 EMI 0 0 0
    3 B4B Payments Europe, 305539054 EMI 14893 0 764
    4 Bebawa, 305483424 EMI 12 17 322
    5 BEM Europe, 305084126 EMI 0 0 0
    6 Blender Lithuania, 304230261 EMI 85 0 2049
    7 BW SYSTEM OU, 305574219 EMI 0 0 0
    8 CBI Money, 305224044 EMI 0 0 -1

    Key performance indicators of Electronic Money Institutions in Lithuania

     

    There are several key performance indicators (KPIs) that may be used to measure the performance of electronic money institutions (EMIs). These KPIs may vary depending on the specific goals and objectives of the EMI and the services it provides. Some examples of KPIs that may be relevant for EMIs include:

    1. Financial performance: This could include measures such as revenue, profitability, and return on investment.
    2. Customer satisfaction: EMIs may measure customer satisfaction through surveys or other methods, and may use KPIs such as customer retention rate or net promoter score (NPS) to track their performance.
    3. Payment volume: EMIs may track the total volume of payments processed through their systems, as well as the number of transactions and the average transaction size.
    4. Product adoption: EMIs may track the adoption and usage of their products and services, such as the number of active users or the percentage of customers using certain features.
    5. Operational efficiency: EMIs may track metrics such as the time it takes to complete transactions or the number of customer service inquiries, in order to measure their operational efficiency and identify areas for improvement.
    6. Compliance: EMIs may track their compliance with relevant regulations and standards, and may use KPIs such as the number of compliance violations or the time it takes to resolve issues.

     

    Lithuanian banking sector

    The Lithuanian banking industry is an integral part of the nation’s economy, providing a vast array of financial services to individuals, businesses, and other institutions. Due to Lithuania’s transition from a centrally planned economy to a market-based system, the sector has undergone significant changes over the years. A handful of large banks dominate the market and the sector is currently relatively small. This study will investigate the past, present, and future prospects of the Lithuanian banking sector.

     

    The modern Lithuanian banking sector emerged in the early 1990s, following the dissolution of the Soviet Union and the proclamation of independence by Lithuania. The sector was relatively underdeveloped at the time, with only a handful of state-owned banks operating in the country. In the subsequent years, the government implemented a number of reforms to liberalize the banking sector, including the privatization of state-owned banks, the establishment of a central bank, and the implementation of a modern regulatory framework.

     

    Since then, a number of new banks have entered the market and existing banks have expanded their operations, resulting in a significant expansion of the Lithuanian banking sector. There are currently 18 banks operating in Lithuania, including a number of large international institutions.

     

    According to data from the Bank of Lithuania, the country’s central bank, the total assets of the Lithuanian banking sector as of September 2021 were €33,4 billion. A handful of large banks, such as Swedbank, SEB Bankas, and Luminor Bank, account for more than 70% of total assets.

     

    The average return on equity (ROE) for Lithuanian banks in 2020 was 6.7%. Nonetheless, the industry has faced a number of obstacles, including low interest rates, rising competition, and the ongoing COVID-19 pandemic.

     

    The Lithuanian banking industry will likely face a number of opportunities and obstacles in the future. On the one hand, the sector is anticipated to profit from the country’s robust economic expansion and rising demand for financial services. In addition, the sector stands to gain from ongoing regulatory reforms aimed at bolstering the financial system and enhancing consumer protection.

     

    Nonetheless, the sector is likely to face a number of obstacles, including rising competition from non-bank financial institutions, shifting consumer preferences, and ongoing technological disruption. To remain competitive and adapt to these changes, Lithuanian banks will need to continue investing in new technologies, products, and services, as well as focusing on providing high-quality, customer-centric experiences.

     

    The Bank of Lithuania regulates the Lithuanian banking sector and is responsible for monitoring the stability and soundness of the financial system. In addition to implementing monetary policy, issuing bank licenses, and supervising banks and other financial institutions, the central bank is also responsible for implementing monetary policy.

     

    In recent years, the Bank of Lithuania has implemented a number of new regulatory measures intended to strengthen the financial system and improve consumer protection. New capital requirements, enhanced risk management and governance standards, and stricter customer due diligence and anti-money laundering regulations are among these measures. The banking sector in Lithuania is well-regulated and stable, with a strong emphasis on customer protection and sound risk management practices. As the sector continues to evolve and face new challenges, the central bank’s role in supervising and guiding the sector will continue to be crucial.

     

    Best 10 banks in Lithuania

    Name of Bank Description Value (in EUR) Number of Employees
    Swedbank Swedbank is a leading bank in the Nordic and Baltic regions, offering a wide range of financial services to its customers. It has a strong presence in Lithuania, where it provides banking, asset management, and insurance services. 3.9 billion 2,700
    SEB Bankas SEB Bankas is a subsidiary of the Swedish bank SEB, and is one of the largest banks in Lithuania. It offers a range of financial services, including retail and corporate banking, investment banking, and asset management. 1.8 billion 1,500
    Luminor Bank Luminor Bank is a relatively new bank in Lithuania, formed in 2017 as a merger between Nordea and DNB. It offers a wide range of financial services to its customers, including banking, leasing, and insurance. 1.1 billion 1,400
    Danske Bank Danske Bank is a Danish bank that operates in a number of countries, including Lithuania. It provides a range of financial services to its customers, including retail and corporate banking, wealth management, and insurance. 0.9 billion 800
    Citadele Bank Citadele Bank is a Latvian bank that has a significant presence in Lithuania. It offers a range of financial services to its customers, including banking, leasing, and factoring. 0.3 billion 350

     

     

    List all the largest banks in Lithuania:

    Rank Name of Bank Total Assets (in EUR)
    1 Swedbank 10.8 billion
    2 SEB Bankas 6.3 billion
    3 Luminor Bank 5.6 billion
    4 Medicinos Bankas 2.2 billion
    5 Citadele Bank 0.9 billion
    6 Danske Bank 0.6 billion
    7 Šiaulių Bankas 0.6 billion
    8 PNB Banka 0.4 billion
    9 AB Šiaulių Bankas 0.4 billion
    10 Siauliu Verslo Bankas 0.3 billion
    11 BigBank 0.2 billion
    12 Mano Bankas 0.1 billion
    13 ConnectPay 0.1 billion
    14 BlueOrange Bank 0.1 billion
    15 PayRay 0.1 billion
    16 SatchelPay 0.1 billion
    17 Expobank 0.1 billion
    18 Central European Financial Services 0.1 billion

    FAQ

     

    What is the best bank in Lithuania?

    It is difficult to determine the “best” bank in Lithuania, as different banks may be better suited to meet the specific needs and preferences of different customers. Some factors that you may want to consider when choosing a bank in Lithuania include:

    1. Financial stability: It is important to choose a bank that is financially stable and able to provide reliable banking services. You can check the credit rating of banks in Lithuania to get an idea of their financial strength.
    2. Fees and charges: Different banks may charge different fees for their services, such as account maintenance fees or ATM fees. Consider the fees and charges that are relevant to your banking needs, and compare them across different banks to find the most competitive option.
    3. Product offerings: Different banks may offer different types of products and services, such as loans, credit cards, investment products, and more. Consider which products and services are important to you and choose a bank that offers them.
    4. Customer service: Good customer service can be an important factor when choosing a bank, particularly if you have questions or need assistance with your accounts. Consider the availability of customer service channels, such as online chat, phone support, or in-person branches, and how responsive the bank is to customer inquiries.
    5. Convenience: Consider how convenient it is to access your accounts and conduct transactions with the bank, such as through online and mobile banking, ATMs, and branches. Choose a bank that meets your convenience needs.

    Ultimately, the best bank for you will depend on your specific financial needs and preferences. It may be helpful to compare the offerings of multiple banks and do some research before making a decision.

     

    Why is Revolut Lithuanian?

    Revolut is a financial technology company that offers a range of banking and financial services, including a digital banking platform, foreign exchange services, and payment processing. The company was founded in 2015 and is headquartered in London, England.

    Revolut has a presence in many countries around the world, and it has a significant operation in Lithuania. In 2019, the company received a EMI license from the Bank of Lithuania to operate as an electronic money institution (EMI) in the country. This allowed Revolut to offer a range of payment services, including the issuance of electronic money and the execution of payment transactions, in Lithuania.

    There are a number of reasons why Revolut may have chosen to establish a significant presence in Lithuania. One reason may be the country’s favorable regulatory environment for financial technology companies. Lithuania has a well-developed fintech sector and has implemented a number of initiatives to support the growth of fintech firms, including the development of a regulatory sandbox for testing new technologies. Revolut may have also been attracted to Lithuania’s highly skilled workforce and well-developed infrastructure.

     

    82. EMIs in Lithuania are regulated by the Bank of Lithuania, the country’s central bank. The Bank of Lithuania is responsible for granting authorization to EMIs and overseeing their operations. You may be able to find information about the number of EMIs operating in Lithuania by visiting the Bank of Lithuania’s website or by contacting the bank directly.

    About the Author: GBO Experts

    Established in 2009, GBO International Financial Services LTD stands as a trusted partner in the realm of global corporate services. We excel in sectors such as gaming, crypto, forex, and e-commerce, delivering all-inclusive solutions. Our offerings span company structuring, licensing, banking support, merchant account initiation, regulatory guidance, and white-label systems. Dive deeper and stay updated by following us on Linkedin or directly at: info@gbo-il.com

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