You are currently viewing our desktop site, do you want to download our app instead?
Moneyweb Android App Moneyweb iOS App Moneyweb Mobile Web App

NEW SENS search and JSE share prices

More about the app

A fintech bonanza is luring foreign cash to this tiny EU state

Courting fintech companies is paying off for Lithuania.
Big-name companies to obtain banking and e-money permits in Lithuania include London-based Revolut and Google Payment. Picture: Shutterstock

For two years, the Baltic nation of 2.8 million people has promoted itself as a launchpad for hi-tech upstarts eyeing the European Union and the euro region, offering English-language services and three-month approval for licenses. Big-name companies to obtain banking and e-money permits include London-based Revolut and Google Payment.

The initiative has led to the issuance of 45 e-money licenses, according to Invest Lithuania, the country’s investment agency. That’s second only to the UK, which has doled out 146.

“Lithuania’s drive to establish itself as a tech hub will attract further foreign investment,” Fitch Ratings said in a report. Its “friendly regulatory environment, technical infrastructure and euro-zone membership will continue to act as a catalyst for tech realities going forward.”

Like nearby Estonia, the trailblazer for e-citizenship, Lithuania can sense an opportunity. A fintech strategy approved this month envisages the sector will expand 15% this year. Officials will hope lenders continue to dodge the banking scandals that have sapped trust in the other two Baltic countries.

© 2019 Bloomberg L.P

COMMENTS   1

You must be signed in to comment.

SIGN IN SIGN UP

Anybody in government reading this? Probably to busy with stoking the fires of racial hatred.

We need to start looking to the future.

End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
BTC / USD

Podcasts

INSIDER SUBSCRIPTIONS APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING PORTFOLIO TOOL CPD HUB

Follow us:

Search Articles:
Click a Company: