Lithuania witnessing a flood of fintech companies fleeing UK because of Brexit

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About 100 financial companies and start-ups from Britain and elsewhere are applying for a licence in burgeoning fintech hub Lithuania to ensure they have access to the European Union after Brexit, the country’s central bank told Reuters.

Britain is due to leave the European Union on March 29, but has not yet reached a deal on a post-Brexit relationship, meaning companies with UK-issued licences may no longer have the right to provide some financial services in the EU.

The companies, a quarter of which hail from Britain, are looking to get electronic money institution licences, Marius Jurgilas, member of the board at the central bank, told Reuters in an interview.

Via Reuters

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