Chinese fintech company Paytend Technology has received electronic money institution licence in Lithuania.

The company, which develops financial services software, will operate in Lithuania through its subsidiary Paytend Europe.

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The Chinese finetch company has also selected Vilnius, the capital of Lithuanian, as its European headquarters.

The company noted that it selected Lithuania due to its “flexible regulatory environment”.

Paytend Europe CEO Junqing Li said: “Obtaining an electronic money institution licence from the Bank of Lithuania was a straightforward, transparent and efficient process.

“As newcomers, we found the required support starting from the initial phase. Lithuania has proven to be the right choice for our European headquarters.”

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Paytend: Future plans

In the next three years, the company plans to hire up to 50 professionals across various fields including sales marketing, compliance, product development and customer support.

It aims to provide low-cost digital banking services in the Europe targeting customers requiring cross-border remittance, card issuance and other services.

Lithuania Minister of Economy Virginijus Sinkevičius said: “At least five Chinese fintech companies have been licensed by Bank of Lithuania.

“On the one hand, China is one of the most prominent countries when it comes to swapping traditional payment methods – cash and credit cards – for mobile payments and other modern fintech solutions.

“This results in Chinese companies having accumulated immense competency which is brought to the Lithuanian market.”

Currently, Lithuania hosts more than 120 fintech companies.