FinTech companies, banks, electronic money institutions, payment service providers, insurance companies, investment managers and investment funds, forex dealers, securities brokers and other finance institutions in Europe are subject to higher regulation and risk management requirements. Licensing of a finance institution in one of member states within the European Economic Area (EEA)/European Union (EU) opens up business opportunities to provide services in all other EEA/EU states, enjoy benefits of a Common Market of 500 million wealthy citizens and over 20 million businesses.
FinTech company or other finance institution registered and licensed in Lithuania provides significant competitive advantage and opens up European financial market at a significantly lower incorporation and operational costs. Favourable regulatory environment, excellent infrastructure, the fastest internet and quality talent pool make Lithuania and primarily its capital Vilnius attractive for large international finance institutions as well as FinTech start-ups.
The official policy of the Bank of Lithuania (regulator) and the Government is a creation of regulatory environment and favourable ecosystem for foreign Fintech companies, in order to attract foreign finance institutions and FinTech start-ups into Lithuania. Regulatory behaviour and significantly lower finance institution incorporation, licensing and maintenance costs is what makes Lithuania preferred jurisdiction for the finance business people from around the world, seeking licensing for their European activities.
Attraction of international FinTech start-ups is a part of the Governmental policy in Lithuania
“We understand what kind of dangers establishing of small foreign financial technology companies might have, nevertheless the process will not be stopped due to that.”
Chairman of the Board of the Bank of Lithuania Mr. Vitas Vasiliauskas in his interview to the business newspaper Verslo Zinios on 9th December 2016
ECOVIS is the leading advisor in finance institution licensing
Industry leader WireCard Bank AG recommends Lithuania and ECOVIS ProventusLaw as a gateway to European financial markets.
“From our perspective, they fully handle all aspects of financial or corporate matters with a highly professional dedicated team. Their knowledge of the financial services industry within their local market is supporting us in our efforts across Europe. I would not hesitate in recommending ECOVIS ProventusLaw as a strong and reliable law firm for any dealings with the regulatory body in Lithuania and as a gate for the international financial services companies to Europe.”
Mr. Oliver Bellenhaus, WireCard Bank AG
WHY ECOVIS? http://ecovis.lt/fintech/why-lithuania/.
More about finance institution licensing in Lithuania – http://ecovis.lt/fintech.
ECOVIS Finance Institution Team contacts – http://ecovis.lt/fintech-team/.