Lithuania speeds up licensing regime to lure fintechs post-Brexit
Since the Brexit decision, Lithuania has been positioning itself as a fintech hub by speeding up the processes by which foreign firms can enter the country and receive online payment permits. The Lithuanian central bank has streamlined its licence approval processes so that online payment permits can be secured by prospective foreign fintechs in three months and full banking licences in just six months, making the process several times quicker than in rival nations. Lithuania has reportedly granted 18 operating licences to foreign fintechs in 2017 alone, including one to UK-based Revolut, with an additional 16 under review.

Tech & Science

The sector was already victim to 10.7 percent of attacks globally in 2022 and it is expected to increase even more in 2023.