London has always been considered as a centre of finance, not only for the banks but for fintech startups as-well. In 2014, fintech investment grew 136% . Total of $554 million raised in 2015 so far by UK fintech companies. But due to the Brexit – this might change. Growth in fintech investment The question “what’s next?” does not sound strange anymore. Up to now, United Kingdom was a heaven for financial institutions, as it had good legal laws and governments support to help investment in this fast-growing sector. Unfortunately, with a rise of uncertainty about the future, fintech companies, which are already based in UK, are thinking of relocation. At this point, other European countries are competing to take United Kingdom’s spotlight and offer a better economical and political environment. Lithuania, and primarily its capital Vilnius, is one of those countries, which are moving step by step towards the favourable regulatory environment, good infrastructure and high-quality talent pool.
Easier payments and licensing strategies are on the go
Recently the Bank of Lithuania (which combines the central bank and the financial supervisory authority mandates in Lithuania) has introduced a paper on the National Payment Strategy . Its goal is to make contactless, instant and closely-integrated payment methods available to companies and residents. Also, the Bank of Lithuania has adapted its mindset to grow innovative ideas, find the right regulatory path instead of burying companies in the paperwork. All these regulation changes are made aiming to make Lithuania a preferred jurisdiction for fintech companies.
In addition to the National Payment Strategy, some other advantages in having a fintech company in Lithuania should be considered:
> Payment or e-money institutions get licence fast
The Bank of Lithuania might issue the licence for payment or e-money institutions regulatory wise within 3 months. […]
