UK fintechs rush for trading licences in Lithuania ahead of Brexit
At least 100 British financial companies and start-ups are applying for trading licences in Lithuania in a bid to avoid being shut out of Europe after Brexit.
Lithuania is gaining prominence as a technology centre, which makes it a draw for UK fintechs and startups keen to carry one trading with the EU after Britain leaves the Union.
British companies are looking to get electronic money institution licences, Marius Jurgilas, who is a member of the board at Lithuania’s central bank, told the Reuters news agency in an interview.
“It seems that the companies, many of which are quite large, are behaving like a student who only starts worrying on the eve of an exam,” he said.
Lithuania cliams it can fast track trading licences
He said Lithuania can process an electronic money institution licence application in as little as three months, Reuters reported, which can take up to a year in some EU countries.
Britain is due to leave the European Union on March 29th. Prime Minister Theresa May has been on a desperate mission to try to deliver a deal with the trading block before that deadline.
Many leaders in the financial services and other industry sectors fear that a no-deal scenario could leave thousands of UK companies without the right to provide some financial services in the EU.
Invest Lithuania, the official website of the government’s foreign direct investment programme, earlier this week reported that Swiss firm Mikron Automation and Finnish martech, Supermetrics, had both decided to set up operations in the country.