OREANDA-NEWS. The Bank of Lithuania, on Monday, signed a Memorandum of Understanding with China’s company IZP Technologies Group, which owns the largest cross-border payment settlement operator in Asia.

“Europe’s intensifying trade relations with the world’s second largest Chinese economy lead to the need for the development of payment and settlement infrastructure in the region,” says Marius Jurgilas, Member of the Board of the Bank of Lithuania.

“We seek more efficient activity and faster development in Europe, and see Lithuania as a country where we can achieve these objectives,” says Luo Feng, Chairman of the Board and President of IZP Technologies Group.

Memorandum of Understanding signed by Luo Feng, Chairman of the Board and President of IZP Technologies Group and Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania (photo M. Ambrazas, ELTA)

The company Globebill, which belongs to IZP Technologies Group, services settlements by which residents in Europe and other countries, as well as business pay for the goods of Chinese producers. Currently the Globebill network is connected with Europe, Australia and South America through various payment systems in 104 countries of the world. The Company holds 60 per cent of China’s online cross-border payments market.