Why Fintechs choose Lithuania
For centuries, Lithuania has performed the role of an international trade hub connecting the East and the West. Recently this traditional role has morphed into its modern version – Lithuania has become EU’s central fintech hub. As of the time of writing, over 200 internationally oriented fintechs operate in Lithuania. The country’s capital city Vilnius is currently ranked No. 1 globally in attracting foreign direct investment for tech start-ups.
One of the key contributing factors to the growth of Lithuania’s fintech ecosystem has been the progressive regulatory policies of the Bank of Lithuania (BoL). Having played a paramount role in fostering an innovation-conducive regulatory environment, the BoL has helped attract multiple internationals fintechs seeking EU-wide licenses. By the end of 2019, the BoL had issued 62 full Electronic Money Institution licenses, 35 full Payment Institution licenses, and 5 Special Purpose Bank licenses.
Besides the efforts of the BoL, Lithuania offers plenty other advantages that include (but are not limited to) the fastest internet in Europe, top universities and a large multi-lingual talent pool, and a variety of great tech service centres. By following in the footsteps of international fintechs like Revolut, Simplex, Contis and TransferGo, you too will discover the multiple advantages of Lithuania.