Banks, Financial Services, Lithuania

International Internet Magazine. Baltic States news & analytics Tuesday, 23.07.2019, 06:16

Payment institution licence issued to Nayax Europe, UAB and UAB SHIFT Financial Services LT

BC, Vilnius, 18.07.2018.Print version
The Board of the Bank of Lithuania has issued two new licences of a payment institution that grant the right to engage in money remittance, a payment service provided for in the Law on Payments, announced Bank of Lithuania.

With such a licence in hand, Nayax Europe, UAB will provide services for the products distributed by the the Nayax group in different countries. This group operates in vending machine service, telemetry. Its parent undertaking has been established in Israel, subsidiaries operate in Australia, China, the USA, the United Kingdom, Germany, Mexico, Canada, Cyprus and New Zealand. 

UAB SHIFT Financial Services LT plans to offer its services in more than 13 European and 90 Middle East, African and Far East countries, making use of the intermediary headquarters’ network, including post offices and banks. In addition to the money remittance service, it also plans to provide currency exchange services. The institution’s main shareholder is the company SHIFT Financial Services Ltd, holding a payment institution licence for money remittance issued by the Supervisory Authority of the United Kingdom.      

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