Fintech license issued. What’s next?

19/12/2019

ECOVIS ProventusLaw successfully guided more than thirty Fintech companies through licensing process in recent years.

“Fintech is a dynamic and rapidly developing sector in Lithuania. About 180 Fintech companies operate in our country. The Bank of Lithuania is constantly receiving applications for a licence of an electronic money institution and payment institution, also bank / specialised bank and issue them after the strict supervision. Fintech companies prefer Lithuania as a European jurisdiction for Payment and Electronic Money Institution licensing for many reasons: fast pan-European licensing process, five times lower initial capital requirement for challenger banks, regulatory sandbox, newcomer program and other progressive regulations, – says Inga Karulaityte,-Kvainauskiene,  head of ECOVIS ProventusLaw Fintech team. – We are proud to be able to offer suitable, reliable and professional services to Fintech market participants”.

Fintech is a dynamic and rapidly developing sector in Lithuania. About 180 Fintech companies operate in our country

The Board of the Bank of Lithuania issued the electronic money institution licenses for two Ecovis ProventusLaw clients at the beginning of December 2019. These were the 30th and 31st  licenses in ECOVIS ProventusLaw portfolio.

“We are happy for our clients’ success in licensing, but receiving of the license is just the beginning, – assures Inga Karulaityte-Kvainauskienė – AML, GDPR and other requirements mandatory for financial institutions is the next very important issue”.

ECOVIS ProventusLaw is one of the most experienced advisors for financial institutions in Lithuania now. During the last 2 years ECOVIS ProventusLaw assisted during the licensing process such companies as Contis, TransferGo, Sonect, Pyrros Group, PanPay, Rebellion, Mano bank.

ECOVIS ProventusLaw can lead clients through legal processes starting from business registration, incorporation, labor and employment matters, proceeding with licensing, tax issues and following up with AML, GDPR and regulatory compliance, cyber security services and etc.

During the last 2 years ECOVIS ProventusLaw assisted during the licensing process such companies as Contis, TransferGo, Sonect, Pyrros Group, PanPay, Rebellion, Mano bank.

Find Ecovis ProventusLaw Fintech team here.

If you need consultation or assistance to prepare your compliance program, draft relevant policies and procedures, perform independent AML Audit or Risk Assessment, review AML policies and procedures or complete thematic reviews, need introductory or specific training to all level of employees about AML, feel free to contact Ecovis ProventusLawAML team.

If you have questions or challenges with GDPR: need assistance in preparation of data protection policies or procedures, perform an audit or data protection impact assessment, data breach management assistance, data protection Officer services and other, here is our data protection team that can help you.