Lithuania continues to attract foreign companies eager to explore opportunities in its financial market.
According to data from the Bank of Lithuania’s Newcomer Programme, over 150 foreign companies applied to the regulator in 2024 to assess business prospects in the country.
“Interest in Lithuania from potential financial market participants remains significant. Although the number of enquiries to the Newcomer Programme fell by 37.5% compared to 2023, we are observing a positive trend – companies are approaching the Bank of Lithuania with greater preparedness, often seeking legal assistance. This reflects the increasing maturity of potential financial market participants,”
said Lukas Jakubonis, Head of the Centre for Financial Market Development at the Bank of Lithuania.
The Bank of Lithuania prioritises quality over quantity when granting licences, ensuring the highest standards while mitigating risks at the early stages of market entry.
“It is crucial that business development in Lithuania is both prudent and sustainable. Companies must be driven not only by profit and efficiency but also by sound risk management, with no tolerance for money laundering or fraud,”
Jakubonis emphasised.
The Centre for Financial Market Development remains committed to fostering Lithuania’s financial sector by attracting new participants, encouraging healthy competition, and strengthening the overall maturity of market entrants.
In 2024, the Newcomer Programme provided advisory support to 155 financial market participants, compared to 248 in 2023.
Almost half of foreign companies (45.2%) applied for an electronic money or payment institution licence, while 14.8% sought a crypto-asset service provider licence.
Enquiries were also received regarding licences for banks, insurance undertakings, investment firms, and crowdfunding service providers.
Throughout the year, the Bank of Lithuania issued authorisations to 35 new financial market participants.
The institution also actively promoted Lithuania’s fintech sector at international events and through direct engagement with businesses interested in the country’s regulatory framework.
Launched in 2016, the Newcomer Programme introduces potential financial market participants to Lithuania’s business environment.
To date, businesses from more than 90 countries have accessed the Programme, with the highest number of enquiries coming from the United Kingdom.
Featured image credit: edited from freepik
