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A fintech bonanza is luring foreign cash to the present tiny EU state

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For couple of years, the Baltic nation of two.8 million people has promoted itself to be a launchpad for hi-tech upstarts eyeing the eu plus the euro region, offering English-language services and three-month approval for licenses. Big-name companies to build banking and e-money permits include London-based Revolut and Google Payment.

The initiative has brought about the issuance of 45 e-money licenses, reported by Invest Lithuania, the nation’s investment agency. That’s second only to great britain, who has doled out 146.

“Lithuania’s drive to ascertain itself like a tech hub will attract further foreign investment,” Fitch Ratings said inside a report. Its “friendly regulatory environment, technical infrastructure and euro-zone membership continues to behave as the catalyst for tech realities going forward.”

Like nearby Estonia, the trailblazer for e-citizenship, Lithuania can sense the chance. A fintech strategy approved this month envisages the sector will expand 15% this holiday season. Officials will hope lenders still dodge the banking scandals that have sapped rely upon the other two Baltic countries.

? 2019 Bloomberg L.P

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