Bank of Lithuania answers in 10 days for financial technology (Fintech) license inquiries
The program ‘Newcomer’ introduced by the Central Bank of Lithuania
The Central Bank of Lithuania has made a promise to provide preliminary answers and assistance to financial institution licence enquiries within one week for the financial technology (FinTech) companies.
The program ‘Newcomer’ will be applied to financial technology FinTech companies, which already have license from another EU country and would like to move their place of financial technology (FinTech) company residence to Lithuania. The financial technology (FinTech) companies will receive assistance from the Central Bank of Lithuania and consultations on the preparation of the documents required for a license.
Lithuania is the most attractive country in the EU for financial technology (FinTech) companies
Favourable conditions provided by the Central Bank makes Lithuania the most attractive country in the EU for financial technology (FinTech) companies. The idea that Lithuania is welcoming new technology based business was positively supported by the private and public sectors.
The new system will be felt by the companies from the very start
Marius Jurgilas, Bank of Lithuania’s board member, stated that Central Bank of Lithuania has made a number of improvements to the system which will be felt by companies from the very start. Improvements includes access to SEPA for e-money and payment agencies through the infrastructure of the Central Bank of Lithuania. Companies would avoid the broking services of many commercial banks. Central Bank of Lithuania treats companies of payment services as financial institutions. It means that companies would be provided with a code that generates accounts in the IBAN format by no later than the next business day.
More and more financial technology (FinTech) companies are opening in Lithuania
According to the Central Bank of Lithuania, three companies will establish financial technology FinTech operations in Lithuania in the near future: the UK FinTech start-up Revolut, the Chinese international settlement company International Business Settlement, and Moneta International a payment platform developer established by Israeli investors. The Bank of Lithuania also confirmed that other FinTech companies from countries including Singapore, Switzerland, United Arab Emirates, Israel, among others are considering Lithuania as their financial technology FinTech investment spot.
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