Development of a FinTech-conducive regulatory and supervisory ecosystem as well as fostering of innovation in the financial sector is one of the Bank of Lithuania’s strategic directions. Together with other state authorities, the Bank of Lithuania aims at creating a FinTech-friendly environment that would attract new companies and encourage them to incubate new products in the country.
Following this direction, the Newcomer Programme is a one-stop shop for:
- Meetings and consultations with potential financial market participants
- Basic information about licensing and financial services opportunities in Lithuania
- Requesting meetings, consultations via email or phone on launching a business or a new product
- Checking whether your future plans are in line with legislative and licensing requirements
- Smooth and low-cost authorisation process. Following submission of all necessary documents, it takes only 3 months to obtain an electronic money or payment institution licence. In other EU countries, the process may take more than 12 months.
- Pro-innovative approach. No regulatory sanctions for startups for the 1st year. The Bank of Lithuania is planning to create a ‘regulatory sandbox’ for financial companies. It would allow companies that meet certain criteria and have successfully completed a rigorous selection process to test their innovative creations in a Bank of Lithuania-controlled environment, with no regulatory sanctions. Read more here.
- Access to the Bank of Lithuania payment infrastructure, allowing payment and electronic money institutions to provide payment services in euro without a middleman in the SEPA area. Read more here.
- Highly-qualified talent pool. Many investors believe this to be one of the decisive factors in choosing Lithuania for launching a FinTech business. Read more here.
- Guidance and cooperative attitude. The Bank of Lithuania has implemented a Newcomer Programme – a one-stop shop in terms of meetings and consultations with potential financial market participants. Prior to launching a business or a new product, investors may check whether their future plans are in line with legislative requirements. Information on licensing opportunities in Lithuania is presented on the Bank of Lithuania website under section How to obtain a licence.
Package for Newcomers