Lithuania's efforts to establish itself as an EU-friendly destination for global fintech firms has received a boost with news that Singapore's cross-border payments outfit InstaReM has chosen Vilnius as its base for a push into Europe.
Lithuania is bolstering its credentials as an EU-friendly destination for Brexit startup refugees with the proposed opening of a regulatory sandbox for aspiring firms to test their products ahead of commercial roll out.
On 29 March, 2017, the Bank of Lithuania granted a non-restricted Electronic Money Institution (EMI) license to IBS Lithuania, the European branch of Hong Kong-based Fintech company - International Business Settlement Holdings Limited.
The Central Bank of Lithuania has made an unprecedented promise to FinTech companies by announcing it will provide preliminary answers to financial institution licence enquiries within one week, the fastest turnaround in the EU.
Lithuania is looking to become the destination of choice for UK fintech firms seeking EU passporting rights in post-Brexit Britain.
EBA CLEARING announced today that Lietuvos Bankas, the Lithuanian central bank, joined the pan-European euro retail payment system STEP2 as a direct participant on 7th December 2015 with a view to extending full SEPA reach to the local banking community.
© Finextra Research 2017