Fintech is a dynamic and rapidly developing business sector in Lithuania, with around 180 fintech companies currently operating in the country. The Bank of Lithuania is constantly receiving applications for electronic money and payment institutions and bank licenses, which it issues under strict supervision. Fintech companies favour Lithuania as a European jurisdiction for payment and electronic money institution licensing for many reasons: It has the fastest pan-European fintech licensing process, a five times lower initial capital requirement for challenger banks, a regulatory sandbox, a newcomer programme and other progressive regulations. “We are proud to be able to offer appropriate, reliable and professional services to the players in this sector” says Inga Karulaityte-Kvainauskiene, Head of Fintech Group at ECOVIS ProventusLaw.
At the beginning of December 2019, the Board of the Bank of Lithuania issued electronic money institution licenses to two ECOVIS ProventusLaw clients. These were the 30th and 31st client licenses in ECOVIS ProventusLaw’s portfolio. “We are happy for our clients’ success in licensing, but receiving the license is just the beginning”, adds Inga Karulaityte-Kvainauskiene. Starting operations and growing the business, while consciously and actively following AML, GDPR and other mandatory requirements for financial institutions is the next very important step after receiving the license.
For further information please contact:
Inga Karulaitytė-Kvainauskienė, Head of Fintech Group, Attorney at Law, Partner, ECOVIS ProventusLaw, Vilnius, Lithuania
Ecovis is a leading global consulting firm with its origins in Continental Europe. It has over 7,500 people operating in over 75 countries. Its consulting focus and core competencies lie in the areas of tax consultation, accounting, auditing and legal advice.
The particular strength of Ecovis is the combination of personal advice at a local level with the general expertise of an international and interdisciplinary network of professionals. Every Ecovis office can rely on qualified specialists in the back offices as well as on the specific industrial or national know-how of all the Ecovis experts worldwide. This diversified expertise provides clients with effective support, especially in the fields of international transactions and investments – from preparation in the client’s home country to support in the target country.
In its consulting work Ecovis concentrates mainly on mid-sized firms. Both nationally and internationally, its one-stop-shop concept ensures all-round support in legal, fiscal, managerial and administrative issues.
The name Ecovis, a combination of the terms economy and vision, expresses both its international character and its focus on the future and growth.
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