Newcomer Programme for potential financial market participants

2021-03-30

Development of a FinTech-conducive regulatory and supervisory ecosystem as well as fostering of innovation in the financial sector is one of the Bank of Lithuania’s strategic directions. Together with other state authorities, the Bank of Lithuania aims at creating a FinTech-friendly environment that would attract new companies and encourage them to incubate new products in the country.

The Newcomer Programme helps potential financial market participants evaluate their opportunities in Lithuania and gives an insight on legislative and licensing requirements for businesses aiming to start their activities in the country.

How to prepare for Newcomer Programme meeting

You should have answers to the following questions:

– who is the person seeking the EMI license, what kind of institution will be established;

– who are (will be) the shareholders, voting rights holders and investors of the future EMI, what is their country of origin;

– at what stage of readiness are you for obtaining an EMI license (in some cases it may be premature to arrange a meeting);

– whether the company seeking the license belongs to a group of companies;

– which persons will be responsible for the management of the EMI;

– a summary of the business plan;

– what services are you planning to provide, the target market and how it will be sought, pricing and other related activities;

– sources of funding for EMI;

– expected number of employees;

– planned outsourcing of functions.

Benefits for participating in the program:

  • Find out if your future plans are in line with legislative and licensing requirements;
  • Get to know your strengths, weaknesses and potential risks;
  • Get answers to your questions.

 

Source : Bank of Lithuania

If you are interested in obtaining Electronic money institution or Payment institution licence and would like us to participate in the Newcomer Programme on your behalf, please contact us

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