UK fintechs seek cure for Brexit in Lithuania – Outside Views

UK fintechs seek cure for Brexit in Lithuania – Outside Views

Thanks in part to Brexit, Lithuania is becoming a fintech hub as a growing number of UK-linked digital financial companies are getting licenses there so they can continue to operate in the European Union.
The Baltic eurozone state with a population about a third the size of London is now leading the EU in fintech with over 230 companies, according to the Invest Lithuania government agency.
Some two dozen have links to Britain.

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[jonathanwetherell]

Yet another BRexit benefit. Again, not for the UK, just another loss.

[bolsov]

I'm as Lithuanian citizen, have no reasons to be happy, coz all this fintech companies getting permissions from Lithuanian Central Bank so if this companies will collapse we, lithuanian taxpayers will be massivly screwed.

[misterbacon]

WHAMMO! Another hit by reality! Uh sorry, 'PROJECT FEAR'!

[Alex-przv]

And its a relatively cheap place to live.

[inesdamonteines]

This will create many local jobs, it's great for northern people, Mediterranean will freeze out there 🙄... British will become ice statues in their vway home after having some pints in the pub🙆

[Doso]

I use a fintech that moved the backend out of GB to Gibraltar and to somewhere else in the EU, all within a couple of months.That was somewhat confusing...

[frankowot]

Achu Brexit for creating jobs in Lithuania - #brexitwin

[Cashdummy]

That's really cool, it's very interesting how the baltic countries become hubs for these and other sectors. Also Estonia, and Coinbase went for EU business to slovakia. It's very good for the east that this development is happening.

[seandaly]

Fintech as an industry of itself, offers the stiffest competition to London's Clearing Industry which is a major employer in the city. Add to that situation the Brexit Box of surprises and one can see extreme volatility going forward. In other words, everything that London has built up over the last 35 years in particular, is going to go to sh1t !

[cmenau]

the flying circus.>in fact the real name is BREXIT. *

[JHS]

Brex...total...**it.
But never mind... little englanders get their blue passports.

[EugeakaEugene]

We had Barclays here in Lithuania, but they left Lithuania (probably for more cheaper work force). Not the best option, but may be smart. Lithuania is still corrupt and most of Scandinavian and other foreign companies that have departments here in Lithuania give much more works to do and pay their workers less.

[ausbrum]

Just remember that Greenshill was a Fin-tech outfit. Its a more technical way of describing crooks

[vereferreus]

Something missing? I hoped you would explain how this can be done without permission of the EU, or is this just possible like that?

[vitasiz]

I think its already much better IT guy to work in Lithuanian than London, because for your salary you can buy a house in London you can just to dream about the same house :)

[gloin]

Lithuania is a member of the euro, therefore any licence issued by the Lithuanian Central Bank is, ultimately, subject to approval by the ECB.

And if the ECB sees a problem, it will act.

Next issue, please?