Paysera, Lithuania's oldest and largest electronic money institution, or EMI, drew a fine of €400,000 from the country's central bank on Friday for acquiring a rival fintech without permission and breaching other regulations. The Bank of Lithuania, or BoL rejected Paysera's high-profile acquisition of the rival, Contis, in April, long after the deal's completion, on the basis that the EMI repeatedly failed to demonstrate the "financial reliability" and good standing of its shareholders, and explain how it would manage the financial crime-related risks associated with the takeover. Moving forward with the deal cost Paysera on Friday, with the BoL concluding...
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