Gen Block Financial

Gen Block Financial is a Lithuanian-based company that will shortly be applying to the Bank of Lithuania for an Electronic Money Institution (EMI) license. An EMI is a market participant licensed by the central bank of the country of jurisdiction, which has the right to issue electronic money. Electronic money is pre-paid monetary value issued into circulation by an EMI, held on electronic devices, which can be used for payment purposes. An EMI may also perform money remittances, payment transactions, provide cash deposit and withdrawal services, perform direct debit or credit transfers, and a vast number of 3rd party services. An EMI holding a licence for unrestricted activity may operate across all EU countries. All money in client accounts is held with the Bank of Lithuania ensuring the capital is safe and limits risk to the financial institution. We will provide direct access to SEPA and Centrolink. EMIs provide a range of services that are practically identical to traditional banking institutions yet possess certain differences that mainly refer to innovation and advanced AML and risk procedures. Our focus will be to provide individuals and businesses (including high risk companies in the eyes of traditional finance - blockchain, cryptocurrency and cannabis) state-of-the-art core banking systems and enhanced UX and UI with the electronic accounts. We will have ultra-modern internal systems, which ensure that all customer activity is closely monitored in order to prevent the execution of suspicious transactions. There are also advanced risk prevention and mitigation mechanisms in place. Since the operations are mainly through technology, we have the ability to offer customers options for banking without the high costs. With the flexibility of the license we will also focus strongly on white labelling, sub licensing and customized solutions for high-value customers.