Sorainen has assisted IBS Lithuania in the process of obtaining an e-money license from the Bank of Lithuania.
IBS Lithuania is part of the Chinese Fintech group International Business Settlement (IBS), which operates in Europe, Asia, Africa, and other regions. IBS shares are listed on the Hong Kong stock exchange market. According to Sorainen, "the company will be administering payment systems that allow rapid and inexpensive money transfers from Europe to Asia and vice versa. The payment systems will enable [the] opening [of] electronic accounts, issuing e-money, saving money, and providing payment services."
Sorainen advised IBS Lithuania on licensing, business model structuring, and other issues. The firm's team included Lithuania Managing Partner Tomas Kontautas and Associates Arturas Asakavicius, Vytautas Sabalys, and Laura Matukaityte.