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 around a year. By comparison, other EU fintech hubs like Belgium and Ireland take as little as three months. 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.