Electronic money institution (EMI) and Payment institution (PI) sector in Lithuania is rapidly expanding every year not only by number of market participants, but also by their income. Each year Bank of Lithuania receives multiple applications for EMI or PI license, making it the largest Fintech hub in European Union and fourth in the world in terms of licenses issued.
As of today, the Bank of Lithuania issued 74 EMI licenses, 39 PI licenses and 5 Special Purpose Bank (SPB) licenses.
According to the „Invest Lithuania“, despite the troubled global economy, the Fintech industry demonstrated a huge growth. In 2020, the overall Fintech sector grew from 210 to 230 over the year and there were 40 new Fintech companies which set up their operations in Lithuania.
*Fintechs in Lithuania 2014-2020
More over, a revenue for Fintechs in Lithuania surged over the last year and they are expecting to experience even higher revenue growth in 2021. Number of specialists employed in this sector also showed a 18 percent annual growth over the last year. The number of new full-time employees (FTEs) was caused by increased demand for companies services and products.
International Fintechs choose Lithuania for Fintech-friendly regulation and infrastructure, ease of doing business, talent pool availability and personal relations.
Please see the full report here The-Fintech-landscape-in-Lithuania-2020-2021
Source: Invest Lithuania
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