The Bank of Lithuania – the country’s regulator – has introduced a procedure which will allow companies to apply remotely for fintech licences.
The aim of this regtech tool is to help the process of submitting and managing applications for e-money and payment institution licences – and make the country “become even more approachable for fintech innovators across the world”.
As of this month, firms looking to access the EU market will be able to apply directly online for a variety of financial licences valid across the SEPA area.
According to Invest Lithuania, it means companies will get the “convenience of being able to set up their business from wherever they are”.
In our speed-obsessed world, Invest Lithuania adds that with all necessary documents submitted, it takes three months to obtain such licences, “while in other EU countries the process may take more than 12 months”.
Lithuania’s fintech ecosystem now has over 120 firms.