Lithuania’s national bank has introduced a procedure which will allow companies to remotely apply for financial technology (FinTech) licences. This regulatory technology tool facilitates the process of submitting and managing applications for e-money and payment institution licences. By introducing this one-click solution, Bank of Lithuania – the country’s financial regulator, which already issues licenses in record time – will become even more approachable for FinTech innovators across the world.
Since July 2, companies looking to access the 512-million strong EU market have been able to apply online for a variety of financial licences valid across the Single Euro Payments Area (SEPA) area. These include e-money institution (EMI) and payments institution (PI) licences. With all necessary documents submitted, it takes only 3 months to obtain such licences, while in other EU countries the process may take more than 12 months.
Lithuanian owned company Paysera provides payment performing or sending and receiving money online. Financial institution operates since 2004 and provides money transfers to more than 180 countries in over 30 currencies. Paysera opens accounts for the companies registered in the countries with open registers. Also former ABLV bank has established a new financial institution in Lithuania Vialet. More information regarding services, requirements and tariffs will be followed.