16 December 2017
visit http://response.ncr.com

Singaporean EFT startup picks fintech-friendly Lithuania as European base

29 September 2017  |  8849 views  |  0 EU flag

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.

InstaReM has scored an Electronic Money Institution (EMI) licence from the Bank of Lithuania and now plans to hire 25 IT and customer service specialists in the Baltic state by the end of the year.

Having seen off rivals including London, Lithuania will now act as the base for InstaReM's services in Europe and North America. The EMI licence will allow operations in the common market of the EU by passporting through the Sepa region, while InstaReM also plans to apply for a specialised bank licence early next year.

Prajit Nanu, CEO, InstaReM, says: "We made this decision after considering the flexibility of the Bank of Lithuania, the speed of the EMI licence issuance, the excellent specialists in the country’s labour market and, last but not least - the operational costs. Having taken all of these factors into account, we see that Lithuania is the most competitive country for fintech companies."

Lithuania is one of several places looking to woo fintech business in the wake of Brexit. The Bank of Lithuania has been active in re-shaping the country's regulatory framework to create a favourable environment for startups wishing to take advantage of EU passporting rights.

Initiatives such as one-week pre-approval for FCA authorised firms, a three-month wait for receipt of a full license and regulator-run API access to Sepa payments for non-banks, have already seen it attract a host of startups, such as Contis, Revolut and Wirecard to the country.

And last month, the Bank entered public consultation over the creation of a regulatory sandbox, which will provide companies accepted on the programme with access to simplified incorporation and licensing procedures, including the temporary lifting of some supervisory requirements.

Minister of Economy, Mindaugas Sinkevičius, says: "For several years, Lithuania has been working to improve the start-up ecosystem, providing more opportunities to young Lithuanian companies as well as rapidly growing new businesses from abroad. We have successful start-ups that have moved to Lithuania from neighbouring countries such as Russia or Belarus, but start-ups from Asia turn a new page in the history of the ecosystem."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

France and Sweden's fintech ambitions get Brexit boost

France and Sweden's fintech ambitions get Brexit boost

30 August 2017  |  17664 views  |  0 comments | 18 tweets | 10 linkedin
Frankfurt predicts Brexit jobs boost at London's expense

Frankfurt predicts Brexit jobs boost at London's expense

25 August 2017  |  14821 views  |  1 comments | 10 tweets | 13 linkedin
Lithuania plans regulatory sandbox

Lithuania plans regulatory sandbox

07 August 2017  |  10927 views  |  0 comments | 5 tweets | 6 linkedin
Transferwise boss warns fintech startups against Brexit Britain

Transferwise boss warns fintech startups against Brexit Britain

12 April 2017  |  13885 views  |  6 comments | 15 tweets | 8 linkedin
Investment in UK fintech drops by a third in 2016

Investment in UK fintech drops by a third in 2016

07 February 2017  |  9865 views  |  1 comments | 19 tweets | 14 linkedin
Belgium builds fintech bridge to London

Belgium builds fintech bridge to London

11 January 2017  |  12790 views  |  0 comments | 27 tweets | 7 linkedin
Lithuania makes a pitch for post-Brexit UK fintech firms

Lithuania makes a pitch for post-Brexit UK fintech firms

02 December 2016  |  9686 views  |  0 comments | 8 tweets | 7 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.atos.netvisit www.thomsonreuters.infovisit www.niceactimize.com

Top topics

Most viewed Most shared
satelliteRipple completes XRP Lockup
10354 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
9788 views comments | 17 tweets | 36 linkedin
Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
7044 views comments | 19 tweets | 20 linkedin
hands typing furiouslyReshaping Customer Engagement & Da...
6443 views 0 | 4 tweets | 2 linkedin
Nordea takes Open APIs into live productionNordea takes Open APIs into live productio...
6103 views comments | 5 tweets | 26 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job