Over the last few years, ECOVIS ProventusLaw has successfully guided more than thirty fintech companies through the licensing process in Lithuania.
Fintech is a dynamic and rapidly developing business sector in Lithuania, with around 180 fintech companies currently operating in the country. The Bank of Lithuania is constantly receiving applications for electronic money and payment institutions and bank licenses, which it issues under strict supervision. Fintech companies favour Lithuania as a European jurisdiction for payment and electronic money institution licensing for many reasons: It has the fastest pan-European fintech licensing process, a five times lower initial capital requirement for challenger banks, a regulatory sandbox, a newcomer programme and other progressive regulations. “We are proud to be able to offer appropriate, reliable and professional services to the players in this sector” says Inga Karulaityte-Kvainauskiene, Head of Fintech Group at ECOVIS ProventusLaw.
Inga Karulaitytė-Kvainauskienė, Head of Fintech Group, Attorney at Law, Partner, ECOVIS ProventusLaw, Vilnius, Lithuania
“With our profound know-how we can offer entrepreneurs reliable and professional services when starting a fintech company.”
At the beginning of December 2019, the Board of the Bank of Lithuania issued electronic money institution licenses to two ECOVIS ProventusLaw clients. These were the 30th and 31st client licenses in ECOVIS ProventusLaw’s portfolio. “We are happy for our clients’ success in licensing, but receiving the license is just the beginning”, adds Inga Karulaityte-Kvainauskiene. Starting operations and growing the business, while consciously and actively following AML, GDPR and other mandatory requirements for financial institutions is the next very important step after receiving the license.
ECOVIS ProventusLaw provides advice and support in all legal questions and processes to clients wishing to set up a fintech business. This includes:
Starting a business
Labour and employment issues
Advice on licensing, finance and tax issues
Support for questions concerning AML, General Data Protection Regulation (GDPR) and compliance