EU’s Fastest Growing Fintech Hub Sees ‘Evolutionary’ Shift Away From Banks
- Lithuanian central bank sees surging trasactions amid pandemic
- Supervision creates challenge after dirty-cash scandals nearby
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Lithuania, the European Union’s fastest-growing fintech hub, is seeing an “evolutionary” shift away from traditional banks with surging transactions for e-money and payment companies.
The Baltic country, whose financial industry is dominated by Nordic lenders like SEB Bankas AB and Swedbank AB, joined the global push to shakeup traditional banking four years ago by offering simplified, fast licensing covering all 27 EU members.