Lithuania for example has ambition to become the hub in the Nordic region for FinTech companies. For that reason, the country has implemented new favourable financial regulations to create appealing business climate and attract and develop FinTech companies.
Lithuania is starting up a business sector with the potential to becoming the main driver of the country. FinTech companies have the opportunity to test the developed innovative financial products in the Bank of Lithuania’s regulatory sandbox. The Lithuanian government has also simplified and made the banking licence applying process faster, easier and less expensive.
Lithuanian new regulation and changes in brief:
- Shortened e-money or payment licence wait time
- Direct technical access to SEPA via the Bank of Lithuania for non-banks and ability to issue own IBANS
- Sandbox environment for FinTech start-ups
- Newcomer programme
- Specialized banking licence with lower initial capital requirements