OREANDA-NEWS. February 11, 2016. SORAINEN Lithuania advised major Lithuanian telecommunications company Tele2 on obtaining limited electronic money institution licensing, which allows provision of payment services and issue of e-money in Lithuania.

Tele2 became the first telecommunications company in Lithuania to obtain an electronic money institution licence along with the right to provide a much wider range of payment services, including issue of electronic money. Tele2 will now have additional tools to create a package of new services for its clients.

This process of issue of an electronic money institution licence was specific as Tele2 had to shift from a payment institution licence to an electronic money institution licence.

SORAINEN assisted Tele2 with preparing legal documents for an e-money institution licence and represented the company in communication with the financial supervisory authority, the Bank of Lithuania.