China's IBS gets electronic money institution's license in Lithuania
2017-04-10 11:07 | BNS

  IBS Lithuania, the European unit of China's fintech group International Business Settlement (IBS), has obtained the license of an electronic money institution.

  The company says that it already has agreements with several European financial institutions on real-time payment settlement services between Europe and China, with plans to expand to Central and East Asia, the Middle East and Africa in the near future.

  The license allows IBS Lithuania to issue and redeem electronic money and provide payment services across the EU, the Bank of Lithuania said on Wednesday.

  "When submitting its request for the license, 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," the central bank said in a press release.

  Invest Lithuania, the government's foreign investment promotion agency, said that IBS Lithuania, which employs 10 highly-skilled professionals at its office in Vilnius, expects to become a bridge for financial flows between China and the EU.

  "The EMI license with EU passporting will bring a broader business scope to IBS Group," the agency quoted Luo Feng, chairman of the Hong Kong-listed IBS, as saying.

  "In the nearest future we see ourselves as an important link between Chinese and European financial networks, and cooperation with the Bank of Lithuania helped us to build a Lithuanian-centered financial gateway to Europe," he said.

  By Arturas Ketlerius

  Vilnius newsroom, verslas@bns.lt, +370 5 205 8519

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