aA
Following media reports that the UK-based fintech startup Revolut, which already has an e-money license in Lithuania, plans to apply for an e-money license in Ireland, the company says the move does not change its plans in Lithuania.
Revolut
Revolut
© Bendrovės archyvas

According to Revolut, the bank's establishment work is going on at full capacity and the company has already employed 41 people, with plans to double it by the end of this year. The company plans to launch its banking services in the second half of this year.

"Since our goal is to ensure stable services and protection for our growing circle of clients, Revolut's long-term program includes plans to diversify operations in Europe. To have several different institutional e-money licenses is a usual practice for large companies, like Google or Facebook, and this move has nothing to do with the establishment of the Revolut Bank in Lithuania," Ramunas Stankevicius, deputy CEO at Revolut Bank, said in a statement.

Earlier, Revolut announced its plans to postpone the launch of its specialized bank's operations in Lithuania from the first to the second half of this year.

Revolut received a specialized bank license in Lithuania in December.

A special government commission is currently conducting its third review of whether the London-based firm meets Lithuania's national security interests.

A bill Revolut is interested in is slowly pushing its way through the Lithuanian parliament. It would allow the use of a driver's license for identification purposes in Lithuania.

The bill has drawn criticism from the Financial Crime Investigation Service and the Special Investigation Service as they say the use of driving licenses, which give no information on the holders' citizenship, could increase terrorist financing and money laundering risks.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.

Finance minister: coronavirus to affect economy

The widening coronavirus outbreak will have implications for the Lithuanian economy , Finance...

Lithuanian businesses might feel coronavirus effect in spring

The coronavirus outbreak in China is already affecting Lithuanian businesses as some companies...

Leader in gaming and VR platforms to undergo major expansion in Lithuania

Unity Technologies , creator of the world’s most widely used real-time development platform for...

German polymer specialist establishing microduct systems production unit in Klaipeda

REHAU , a family-owned polymer specialist with annual sales of around EUR 3.5 billion, is...

Five cities may get another EUR 30 mln to buy electric buses

Lithuania's authorities are considering providing another 30 million euros in EU money to Vilnius,...

Top news

Lithuania declares nationwide emergency due to coronavirus threat

The Lithuanian government declared on Wednesday a nationwide emergency in an effort to minimize...

Installation of Chinese CCTV in Kaunas raises security concern

The installation of a CCTV system produced by Chinese company Hikvision in Lithuania's...

Police chief in Kaunas Zukauskas sacked

Darius Zukauskas , chief of Kaunas County Chief Police Commissariat , has been dismissed from the...

Lithuanian author long-listed for prestigious UK literary award

Noir Press announced that Lithuanian author Grigory Kanovich has just been long-listed for the...

Lithuanian model Ieva hits the London Fashion Week catwalk

A Lithuanian student from Kėdainiai swapped designing clothes for modelling them at one of the...