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

For two years, the Baltic nation of two.8 million people has promoted itself to be a launchpad for hi-tech upstarts eyeing european union along with the euro region, offering English-language services and three-month approval for licenses. Big-name companies to get banking and e-money permits include London-based Revolut and Google Payment.

The initiative has concluded in the issuance of 45 e-money licenses, in line with Invest Lithuania, the nation’s investment agency. That’s second merely to the british isles, that has doled out 146.

“Lithuania’s drive to produce itself as a tech hub will attract further foreign investment,” Fitch Ratings said within a report. Its “friendly regulatory environment, technical infrastructure and euro-zone membership will keep some thing as being a catalyst for tech realities forward motion.”

Like nearby Estonia, the trailblazer for e-citizenship, Lithuania can sense the option. A fintech strategy approved this month envisages the sector will expand 15% in 2010. Officials will hope lenders keep dodge the banking scandals that are fitted with sapped rely upon additional two Baltic countries.

? 2019 Bloomberg L.P

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