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. Nonetheless, the UK's likely rival fintech hub after Brexit. 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. In addition, Lithuania’s government is working on plans to create an e-residency scheme for digital entrepreneurs who want to work from their home country.
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. In addition, Lithuania’s government is working on plans to create an e-residency scheme for digital entrepreneurs who want to work from their home country.