UK banking institutions are applying for electronic money institution licences in Lithuania to ensure they can access the EU currency withdrawal . The UK government 's failure to secure a withdrawal agreement so far has stalled those efforts ahead of the planned March exit date . Lithuania has already proved popular with financial institutions and start - ups because it can provide the necessary licence in as little as three months . By comparison , other EU fintech hubs like Belgium and Ireland take around a year . An employee of Lithuania ’s central bank said it is prioritising less risky companies because of the sheer numbers applying .
UK fintech companies are applying for electronic money institution licences in Lithuania to ensure they can access the EU following Brexit. The UK government's failure to secure a withdrawal agreement so far has hastened those efforts ahead of the planned March exit date. Lithuania has already proved popular with financial firms and start-ups because it can provide the necessary licence in as little as three months. By comparison, other EU fintech hubs like Belgium and Ireland take around a year. An employee of Lithuania’s central bank said it is prioritising less risky companies because of the sheer numbers applying.