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posted 5 years ago
Great Britain had long been perceived as the financial hub of Europe with its multiple advantages but with Brexit, many businessmen have started considering other European jurisdictions, e.g. Lithuania.
This article is about whether it is worthwhile to get a payment license in Lithuania and covers the key regulator requirements and major advantages of the payment license in this jurisdiction.
The UK had long been the leading EMI license issuer in Europe but its exit from the EU (Brexit) opened up opportunities for other European countries, including Lithuania, to shoot ahead. So what is appealing about other jurisdictions?
Financial companies holding a British payment license are alarmed at the possibility of becoming unable to provide financial services in the EU. Although there is not much clarity as of now, companies tend to play it safe and prefer to obtain EMI licenses in other European countries, including Lithuania.
Lithuania offers a significantly simplified EMI licensing process: the Bank of Lithuania has implemented an online process for payment license applications. Many well-known companies opt for the Lithuanian EMI license. For example, Paytend Technology, a Chinese company designing software for financial services, got its EMI license in Lithuania and set up its European headquarters there.
We have highlighted the following advantages of the Lithuanian payment license:
The key requirements for the Lithuanian EMI license include:
So the payment license in Lithuania is becoming increasingly popular. Lithuania is a well-reputed and enabling jurisdiction with a favorably disposed regulator. The country offers an opportunity to get the EMI license remotely, with unique access to European payment systems via CENTROlink.
SBSB has an extensive portfolio of successful EMI license issues in Lithuania and beyond. We offer comprehensive FinTech project management on a turnkey basis, including but not limited to jurisdiction selection for company registration, legal support, software design for payment systems, and full-fledged project launch. Join our Telegram chat to get a free online consultation.
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