VILNIUS, March 29 (Xinhua) -- The central bank of Lithuania on Wednesday issued a license of electronic money institution to IBS Lithuania, a branch of the Hong Kong-listed International Business Settlement Holdings Limited.
The license means the company can issue and redeem electronic money, and provide payment services across the European Union.
"The company informed the Bank of Lithuania that it was planning to create a payment platform on which payment transactions between European Union and Chinese entities would be executed," said the Bank of Lithuania in an announcement.
Last year, International Business Settlement Holdings Limited established a branch in Lithuania to get a license for electronic payments.
In recent years, the Bank of Lithuania has been pursuing its efforts to become a cluster for fintech companies in Northern Europe and the Baltic States by implementing favorable regulatory and supervisory environment for financial sector innovations.