Following the UK’s exit from EU, many choose to set up in mainland Europe. The main reason for that is the need to obtain and hold a Electronic Money institution licence approved by the European Central Bank. Since the UK’s fintechs are no longer able to serve the larger European market without securing a European Electronic money institution (EMI) licence many payment firms are eager to obtain EMI licence in other European countries.
Lithuania is currently recognized as one of the most attractive Fintech destination. One of the main reason for this is the speed of the licensing process that takes around 3 months. Between 2019-2020, Lithuania experienced a 24% increase in sector development and issued 102 operating licenses to electronic money institutions (EMIs). In 3Q 2020, income from electronic money issuance and payment services amounted to EUR 60.3 million. Bank of Lithuania currently supervises 73 electronic money institutions.
Having electronic money institution licence in Lithuania will open the door to 28 European Union countries and will allow you:
– To issue electronic money;
– To execute direct debits including one-off direct debits;
– To execute payments through a payment card;
– To execute standing orders ;
– Money remittances;
– Account information services.
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If you would like to apply for EMI licence in Lithuania please contact us
Source: Fintechmagazine.com, Investlithuania.com, lb.lt
