2025-03-10
Lithuania remains one of the most attractive jurisdictions for companies in the financial sector
Foreign companies continue to take a keen interest in the development opportunities offered by the Lithuanian financial market. According to data of Lietuvos bankas’ Newcomer Programme, more than 150 foreign companies interested in business opportunities in Lithuania applied to the regulator in 2024.
“Interest in Lithuania shown by potential financial market participants remains considerable. Although last year the Newcomer Programme received 37.5% fewer enquiries as compared to 2023, it is important that companies increasingly apply to Lietuvos bankas being better prepared and engaging the assistance of lawyers, and the growing maturity of potential financial market participants is also noticeable,” says Lukas Jakubonis, Head of the Centre for Financial Market Development of Lietuvos bankas.
Lietuvos bankas strives to ensure that licenses granted in Lithuania meet the highest quality standards, therefore the focus is on quality rather than quantity, while attempting to prevent irregular activities at the early stages.
“It is important that the development of potential businesses in Lithuania is prudent and sustainable, and that business is driven not only by profit and efficiency, but also by proper risk management, with no tolerance for money laundering and fraud,” emphasises Lukas Jakubonis.
The Centre for Financial Market Development actively promotes the growth of Lithuania’s financial market in order to attract new market participants, increase healthy competition, and strengthen the maturity of financial market newcomers to Lithuania.
In 2024, 155 financial market participants were provided with advice under the Newcomer Programme (in 2023, there were 248 such participants). Almost half of foreign companies (45.2%) applied for an electronic money or payment institution licence last year, with 14.8% applying for a crypto-asset service provider licence.
There were also enquiries about the possibility of obtaining a bank, insurance undertaking or investment firm licence, and there was interest in the licensing of a crowdfunding service provider.
Throughout 2024, Lietuvos bankas issued authorisations to 35 new financial market participants.
In order to further raise Lithuania’s profile as a fintech country, in 2024 Lietuvos bankas actively promoted Lithuania at various events and individual meetings and provided advice to companies interested in the regulatory environment in Lithuania.
The Newcomer Programme, designed to familiarise potential financial market participants with operating conditions in Lithuania, has been running since 2016. Businesses from more than 90 countries have accessed the Programme, with the highest number of enquiries coming from the UK.