Other reasons for FinTech licensing in Lithuania

Republic of Lithuania offers the most advantageous conditions for entering financial & payment markets in Europe. Especially, two types of licenses, i.e. Payment Institution (PI) and Electronic Money Institution (EMI), offer wide range of possibilities for new businesses. There have been 4 times as many applications in 2018 than in previous year. In fact, the Bank of Lithuania recently licensed 49 EMI, 47 PI and specialised banks. Companies, like Revolut, have also applied for specialised banking license for a fraction of capital required by other EU Member States. Soon the Bank of Lithuania will be able to provide CENTROlink connection to financial payment institutions in other currencies, as long term strategy initiative, and is to join Global Financial Innovation Network, which would allow start-up to test their products not only in sandbox mode in Lithuania, but other countries as well.  For more information see our article on Why FinTech companies choose Lithuania for financial licensing?[A1]  and Newcomer Programme of the Bank of Lithuania.

 Other reasons for FinTech licensing in Lithuania:

  • Simple and straightforward approach for obtaining a financial license
  • Possibility to submit an application for license with only 25% paid capital
  • Attractive business atmosphere - you will find several FinTech and Blockchain communities, many FinTech related events, etc.
  • Large amount of modern office space for rent in Vilnius
  • Relatively cheap labour force (average mid-level employee earns 1000-1300 EUR net)
  • Direct flights to Vilnius from to major capitals of Europe
  • Excellent image of the country. Lithuania is a full member of EU, NATO, OECD, WTO, Schengen and other unions. In comparison with some other countries of Europe, Lithuania has never been involved in any financial scandal

Valters Gencs Law Firm can assist you with full procedure of preparation of the application for the financial regulator for obtaining desired financial service license. The license can be pass ported among 31 country of Europe, which enables to cover all EU and EEA member states with a single license.

Our partners may manage completely PSD2 part of the application and will empower you with a cutting-edge banking platform that contains the front-office (online & mobile banking), the back-office for your staff, as well as with the core, that is connected with hundreds of the most advanced and trendy companies in FinTech industry. All these already established API connections will save dozens of thousands of euros and months of work. In one single moment you will get an access to the widest variety of necessary correspondent partners and KYC providers. Just choose the one you like, negotiate the tariffs and start using it.

  • We may empower your company with:
  • Membership in European Payments Council (EPC) that is obligatory for SEPA participation
  • Development of tailored made payment infrastructure, including unique solutions for pay-in & pay-out in specific countries and currencies
  • Introduction to the most advanced KYC/AML and remote identification providers
  • SWIFT membership
  • Obtaining principal membership for card issuing from Visa and MasterCard
  • Arranging your office against cyber security with HD CCTV, IP telephony, secured Wi-Fi, VPN, encrypted servers and other materials for safe and remote managing of the office

In other words with our partners we will help not only with the A to Z licensing process, but also with development of your business, both from the IT part and from the payment infrastructure part.

If you are interested in our services, please contact our lawyers at Gencs Valters Law Firm at info@gencs.eu. or by visiting our website at www.gencs.eu.


 

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About Valters Gencs

In many regards, Latvian advocate Valters Gencs is the archetypal modern Baltic attorney – US educated, willing to take a commercial risk with his firm, which has been successfully operating for almost 16 years.  

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Our team consists of knowledgeable and experienced advocates, lawyers and tax consultants in the Baltic States. Our professionals will find the most appropriate solution for your situation. 

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Gencs Valters Law Firm has a 15-year practical experience in legal services, tax consulting, mergers and acquisitions, banking law, finance consulting, corporate, intellectual property, immigration and litigation.