New specialized fintech bank setting up in Lithuania
“Thorough market research has indicated several EU markets for the successful realization of potential growth, including Lithuania. In line with political inconsistencies like Brexit, lack of targeted clientele or other drawbacks in the markets of interest, Lithuania is targeted as well developed environment for a FinTech product offering,” says Mr. Ekmel Cilingir, Chairman of Supervisory Board of the Bank.
As reported by Mr. Ekmel Cilingir, Lithuania is seen most suitable market for the establishment of the Bank for a number of advantages, such as full-fledged information technology infrastructure, making local market best fit for the Bank’s operational strategy.
Among other advantages are increasing demand for FinTech services, current market expectations towards the changes in the financial sector, and regulator’s aspirations to welcome new market players. It took about one year for the company to obtain the banking license. Law firm Sorainen has advised European Merchant UAB on legal issues in Lithuania.
“We are excited to open our doors in this great country. We have worked closely with Bank of Lithuania to obtain the banking license and will continue to do so. We all believe that the new Bank will bring a user-friendly banking technology to the Lithuanian people. European Merchant Bank UAB will be a very honorable player of the Banking community in Lithuania. The Bank will be a leader in digital transformation and will successfully show how Banks must change culturally, as well as technologically to resist the risk to their business from the tech companies”, says Mr. Ekmel Cilingir.
Banking license issued by ECB, European Central Bank through the Bank of Lithuania will enable the company to provide banking services: to accept deposits, offer credits, and provide payment services. The Bank’s plans also include the provision of innovative payment card solutions.
The Bank’s vision is to position oneself as one-stop shop, offering most innovative and efficient product ranges to its customers in Lithuanian market.
It is projected that the Bank will be headquartered in Vilnius from January of 2019.