STRATEGIC PARTNERS
VILNIUS, Lithuania -- Nayax has announced the establishment of a new European payment institution, Nayax Europe UAB. It is based in Lithuania, which issued the operating license required for payment institutions in the European Economic Area. Nayax Europe is based in Vilnius, Lithuania's capital city, and presently is assembling a professional staff. Nayax now operates in more than 65 countries, conducting transactions in 26 currencies. Its open platform and APIs enable easy integration with other compan...
July 18, 2018
VILNIUS, Lithuania -- Nayax has announced the establishment of a new European payment institution, Nayax Europe UAB. It is based in Lithuania, which issued the operating license required for payment institutions in the European Economic Area. Nayax Europe is based in Vilnius, Lithuania's capital city, and presently is assembling a professional staff.
Nayax now operates in more than 65 countries, conducting transactions in 26 currencies. Its open platform and APIs enable easy integration with other companies' solutions and ERP software. Its complete cashless solution, which includes payment and telemetry services, presently is available in Lithuania through that company's distributor Hansab UAB (Vilnius).
Nayax Europe, like the company's other branches around the world, provides secure payment processing. It complies with the European Union's Payment Services Directive (PSD2) and General Data Protection Regulation (GDPR. Nayax's certifications include EMV level 1 + 2, PCI, to ensure the satisfaction and trust of all its clients and their customers.
"Nayax chose Lithuania for its accessible regulatory environment and talent pool experienced in the field of fintech," said Nayax Ltd. chief executive Yair Nechmad "In order to become a payment Institution, we searched for the right conduit who would be a great partner.
"Bank of Lithuania (BoL) was supportive, highly secure and transparent, helping us streamline the processes that can be lengthy and complicated elsewhere," Nechmad explained. "We worked closely with Invest Lithuania to complete the necessary tasks to establish Nayax Europe, and we are extremely happy with the guidance we have received. Invest Lithuania provided us with the professional team who helped us achieve our goal."
The Payment Institution license, issued by the Bank of Lithuania, gives Nayax the ability to offer its services directly to more than 23 million enterprises across the EU.
According to Mantas Katinas, managing director of Invest Lithuania, Nayax's choice of Lithuania is another example of a foreign company benefiting from Lithuania's fintech-friendly regulatory climate.
"Fintech players see Lithuania as the gateway to Europe – a country that opens access to the 512-million strong consumer European market faster than any other jurisdiction," Katinas observed. "This is especially the case for fintech companies from outside the EU for whom time to enter a market is crucial."
The Republic of Lithuania's Minister of the Economy Virginijus Sinkevičius noted that "The fintech sector in Lithuania has entered a stage of maturity." Last year, 35 financial technology firms began operating in Lithuania, Sinkevičius pointed out; the majority of these are young, innovative companies searching for ways to offer the services they developed in their home markets to customers in the EU.
"After this wave of newcomers, we now see mature and well-known global fintech players like Nayax expressing interest in Lithuania," Sinkevičius reported. "This consistent growth of the fintech sector will help Lithuania compete for investment from the most renowned fintech companies out there."
