EU wants tighter fintech legislation for Lithuania

The call by policymakers was made following the recent Finolita/Wirecard scandal

European FinTech licensing

Finance and banking institution licensing in a single European market. One license for all EU financial markets.

Licensing of the finance institution or bank in one of member states within the European Union (EU) opens business opportunities in all other EU/EEA countries, enjoy benefits of a common market and advantages of Single Euro Payments Area (SEPA) of more than 500 consumers and over 20 million businesses. Fintech companies, banks, electronic money institutions, insurance companies, investment funds and investment managers, securities and forex brokers, crowdfunding
and peer-to- peer platforms in Europe traditionally are subject of higher regulation and risk management requirements.

Fintech company or other finance institution registered in Lithuania provides significant competitive advantage and opens up European financial market at significantly lower incorporation and operational costs.

The reasons why Lithuania is one of the top jurisdictions in EU for finance institution licensing:

– No particular requirement for company management to reside in Lithuania.
– Application for a license submitted without establishing a company. Incorporation of the company starts only after the license granted.
– Fast licensing process. Issue of the license of Payment or E-money institution within period of 3 months and even faster.
– The documents can be submitted in English and amended “on the go” instead of formal writing forth and back.
– Possibility to get own sorting codes for IBAN accounts for the clients.
– Non-banks have direct access to SEPA through the retail payment system managed by the Bank of Lithuania (regulator).
– Remote client verification. Innovative “know your customer” processes for remote client verification allows open the accounts without physical presence of the client.
– Easy passport of the license to other EU jurisdictions. The passporting to other EU countries takes 1 month and is free of charge.
– Regulatory sandbox. No regulatory sanctions for the first year and possibility to test new financial products in real market.
– Startup visa. Special visas for the citizens of non-EU/EEA countries running innovative businesses.

Unique Lithuanian Specialized Bank license allows provide almost all banking services in EU/EEA markets having only EUR 1 000 000 equity capital. Lithuanian “light” banking license of special purpose bank opens large European banking market at significantly low cost and allows new players to challenge traditional banks in large national European markets, such as UK, Germany and France.

The new Law on Crowdfunding came into the power recently, making Lithuania one of the few countries in the world having modern, clear and transparent Crowdfunding regulation.

ECOVIS International is a leading global consulting group having over 4500 professionals operating in over 65 countries. ECOVIS ProventusLaw is Lithuanian member firm of ECOVIS International.

For more information contact:

ECOVIS ProventusLaw
[email protected]
+370 5 212 40 84

Fintech Scene in Lithuania – Wrap Up of the Year 2022

With the global economy experiencing a surge in inflation and facing risks of a significant slowdown in growth and investments, many Fintech firms are striving to stay resilient and viable. That’s visible in the Lithuanian ecosystem too. No one was excluded from this turbulence: startups, businesses, financial services leaders, entrepreneurs, government leaders, and regulators. Here at ROCKIT already for the 4th time we invite experts from different organisations and businesses to overview the Lithuanian Fintech ecosystem, look back on how the Fintech scene in Lithuania was shaped during this year. What were the biggest obstacles and challenges and how we all matured over this year.

Welcome speech by Vaida Markevičienė, Vice-Minister at Ministry of Finance of the Republic of Lithuania

ROCKIT overview of 2022 by Lina Žemaitytė-Kirkman, Head of ROCKIT

Wrap Up of the Year in different angles – keynotes by:

Simonas Krėpšta, Board member at the Bank of Lithuania

Vaiva Amulė, Head of Fintech Hub LT

Jonė Vaitulevičiūtė, Managing Partner at FIRSTPICK

Panel discussion ‘Fintech Scene in Lithuania – Wrap Up of the Year 2022‘ + Q &A

Vaiva Amulė, Head of Fintech Hub LT

Jonė Vaitulevičiūtė, Managing Partner at FIRSTPICK

Justinas Lasevičius, COO & Co-Founder at TransferGo

Lukas Jakubonis, Head of Financial Market Development at the Bank of Lithuania

Moderator: Gintarė Bačiulienė, Head of Technology Team at Invest Lithuania

Lithuania. Unlocking talent and access to EU for your fintech

�� Looking to expand your Fintech’s operations in the EU?

Invest Lithuania and the Electronic Transactions Association (ETA) co-host an expert panel exploring how Lithuania can help grow your business, its unique regulatory regime – and the wealth of talent on offer.

0:00 Welcome word by
• Scott Talbot – Senior Vice President of Government Affairs at ETA
• Marcus Micheli – Deputy Chief of Mission at the U.S. Embassy in Vilnius, Lithuania
6:15 “How to leverage Lithuania’s ICT talent pool and fintech-friendly ecosystem” by Gintarė Bačiulienė, Team Lead at Invest Lithuania
18:00 “Building an Innovation-Conducive Environment: Lithuania’s Fintech Experience” by Marius Jurgilas, Board member at the Bank of Lithuania
33:04 Revel Systems journey and experience in Lithuania: Q &A with Chris Lybeer, Chief Strategy & Marketing Officer at Revel Systems

Lithuania: Fintech gateway to Europe, Webinar with live online Q&A

Lithuania has grabbed headlines as Europe’s fast-growing Fintech hub. With year-on-year sector growth of 40%, a thriving talent base and an innovative regulatory approach, the Baltic state is now continental Europe‘s leading issuer of e-money licences.

It’s a recipe for success that has attracted leading international names. Google, Revolut, InstaRem and Earthport are just some of the companies choosing Lithuania as a base for their European operations.

In this webinar, we’ll discuss the strategy behind Lithuania’s Fintech ecosystem. We’ll explore the latest developments in the European regulatory environment, and discuss the challenge of scaling your business to a market of 512 million consumers.

Marius Jurgilas, known as Lithuania’s “godfather of Fintech”. With a career that spans academia and government, Marius Jurgilas is one of Europe’s foremost thought-leaders on the future of banking.

Dominykas Stankevičius, the ‘Chief Business Developer’ of Lithuanian Fintech. Dominykas Stankevičius has advised multiple foreign companies on entry into the European market and scaling their operations.

Moderator: Alex Gibb is a portfolio entrepreneur focusing on early-stage investments in the Fintech sector. Alex uses his extensive experience in the banking sector to coach and scale Fintechs in Lithuania and beyond.