{"id":3324,"date":"2016-11-03T14:42:40","date_gmt":"2016-11-03T14:42:40","guid":{"rendered":"https:\/\/insights.invyo.io\/europe\/?p=3324"},"modified":"2019-04-12T16:51:03","modified_gmt":"2019-04-12T16:51:03","slug":"lithuania-is-the-newest-hotspot-for-fintech","status":"publish","type":"post","link":"https:\/\/insights.invyo.io\/europe\/analyses\/lithuania-is-the-newest-hotspot-for-fintech\/","title":{"rendered":"Lithuania is the newest hotspot for Fintech"},"content":{"rendered":"

Techfoliance is back\u00a0on the road to meet Fintech actors across the world. We want to\u00a0highlight emerging trends to better understand the future of finance. In the spotlight:\u00a0Lithuania.<\/strong><\/p>\n

Lithuania now position itself as an alternative\u00a0choice for those considering entry to the European market, diversifying the risk of accessing the single market after BREXIT and FinTech\u00a0start-ups.<\/p>\n

Key figures<\/h3>\n

The number of potential “Digital Payments” users is expected to amount to 1.9m by 2020<\/strong>.<\/p>\n

Transaction Value in the “FinTech” market amounts to US$1,182m in 2016<\/strong>.<\/p>\n

The Bank of Lithuania is to grant a license for a specialised bank within 6 months<\/strong> after submission of all required documents (maximum terms 12 months<\/strong>).<\/p>\n

Easy set up of companies; Lithuania is #1 in Technological Readiness in the CEE; nearly 100%<\/strong> proficiency in English among young professionals.<\/p>\n

The passporting notification procedures executed via the Bank of Lithuania might take 1<\/strong> (for exercising the freedom to provide services) or 3 months<\/strong> (for establishment of branches in other EEA member state).<\/p>\n

Population: 2,9\u00a0million people.<\/strong><\/p>\n

Legal and regulatory framework for Fintech in Lithuania<\/h3>\n

Payments and e-money licensing (article #1):<\/h4>\n

\u2022 Fast licensing \u2013 payments and e-money license in 3 months<\/p>\n

\u2022 Sandbox \u2013 no regulatory sanctions for start-ups during their first year of operation<\/p>\n

\u2022 All payment and e-money institutions located in Lithuania can allocate their own IBAN numbers and access to SEPA payments<\/p>\n

\u2022 Instant payments (SEPA-MMS) to be implemented under the National Payments Strategy\u00a0by the end of 2017<\/p>\n

New framework for specialised banks\u00a0(article #2):<\/h4>\n

\u2022 A new framework for so called specialised banks to be effective as of January 2017<\/p>\n

\u2022 Specialised banks will be eligible to the EU passport and require only 1 million EUR initial capital<\/p>\n

P2P and crowdfunding regulation (article #3):<\/h4>\n

\u2022 P2P regulation is in place<\/p>\n

\u2022 The Law on Crowdfunding will come into effect as of December\u00a02016<\/p>\n

\u2022 Remote client verification is allowed as of November 2016<\/p>\n

\n

\u00a0\"techfoliance_lithuania_country-analysis_road-trip-fintech\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Techfoliance is back\u00a0on the road to meet Fintech actors across the world. We want to\u00a0highlight emerging trends to better understand the future of finance. In the spotlight:\u00a0Lithuania. Lithuania now position itself as an alternative\u00a0choice for those considering entry to the European market, diversifying the risk of accessing the single market after BREXIT and FinTech\u00a0start-ups. Key […]<\/p>\n","protected":false},"author":16,"featured_media":3327,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[551],"tags":[1051,677,130,1050,1048,280,1049,1047,265,586,813],"yoast_head":"\nLithuania is the newest hotspot for Fintech - INVYO Insights Europe : Media Fintech<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insights.invyo.io\/europe\/analyses\/lithuania-is-the-newest-hotspot-for-fintech\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lithuania is the newest hotspot for Fintech - INVYO Insights Europe : Media Fintech\" \/>\n<meta property=\"og:description\" content=\"Techfoliance is back\u00a0on the road to meet Fintech actors across the world. We want to\u00a0highlight emerging trends to better understand the future of finance. In the spotlight:\u00a0Lithuania. Lithuania now position itself as an alternative\u00a0choice for those considering entry to the European market, diversifying the risk of accessing the single market after BREXIT and FinTech\u00a0start-ups. 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