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Lithuania takes over the fintech hub

Lithuania is known for its fintech-friendly ecosystem. Interest in the region is primarily due to the fact that, in addition to the benefit of regulation outside the UK, license applications can be processed faster than in other countries.

These factors can lead to the emergence of new fintech centers, but sometimes it remains doubtful whether they will be managed as well. The sudden increase in applications is no easy task for the Bank of Lithuania.

It does not have the resources to handle all applications, says Marius Jurgilas, board member of the Central Bank. Therefore, they have decided to use a priority system and select the “least risky” candidates. Financial institutions using a license from Lithuania to hedge the consequences of Brexit may experience disruptions if there is no deal and they are not regulated on time.


Also published on Medium.

Published inFintech

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