The Bank of Lithuania has admitted its supervisory regime for fintechs requires improvement but insists that it remains open to new licensees in the space, after its decision to revoke the licence of a payments firm was overturned by EU courts.
Following a European Court of Justice decision, the Supreme Administrative Court of Lithuania ruled last month that the payment institution licence of ABC Projektai was wrongly revoked by the country’s central bank in 2020. The company’s licence was reinstated on July 1.
