Since the Brexit decision, UK has been positioning itself as a fintech hub by speeding up the processes by which foreign firms can enter the country and receive online payment permits. The Lithuanian central bank has streamlined its licence approval processes so that online payment permits can be secured by prospective foreign fintechs in 2017 and full banking licences in just six months , making the process several times quicker than in rival nations. Lithuania has reportedly granted 18 operating licences to foreign fintechs in 2017 alone, including 18 to Lithuania -based Revolut , with an additional 16 under review.
Since the Brexit decision, Lithuania has been positioning itself as a fintech hub by speeding up the processes by which foreign firms can enter the country and receive online payment permits. The Lithuanian central bank has streamlined its licence approval processes so that online payment permits can be secured by prospective foreign fintechs in three months and full banking licences in just six months, making the process several times quicker than in rival nations. Lithuania has reportedly granted 18 operating licences to foreign fintechs in 2017 alone, including one to UK-based Revolut, with an additional 16 under review.