Bank of Lithuania lures fintech firms with e-licensing tool
Portal promises to streamline approval process as country seeks to become fintech hub
The Bank of Lithuania’s licensing has gone digital. From July 3, prospective banks have been able to apply through the central bank’s new e-licensing tool, offering easier access to smaller players.
“We hope it will further accelerate the authorisation process and ease the administrative burden for potential financial market participants,” says Vytautas Valvonis, director of the Supervision Service at the central bank.
Currently, the tool allows institutions to apply for two types of licences
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