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The United Kingdom hosts around half of all electronic money institutions (EMis) registered in the European Economic Area, which provide a broad varieties of solutions to individuals, companies and merchants. Aggregated total assets of British EMIs in 2018 were around 11 bln GBP, 77 EMIs reported increase in total assets which is together with the increased number of EMIs indicates growth in this sector.
Lithuania is a dynamic European innovation and fintech hub, having all necessary conditions for its fintech ecosystem to grow and develop, namely support from the government, favorable taxation system, progressive regulatory rules, multi-disciplinary talent pool, innovative infrastructure. Electronic money institutions (EMIs) play an important role in the fintech ecosystem of Lithuania: out of more than 200 fintech companies registered in the country, over 60 are electronic money institutions.
Single Euro Payments Area (SEPA) is an initiative of the European Union aimed to ensure that customers can make cashless Euro payments to anywhere within SEPA area in a fast, safe and efficient way, just like national payments. SEPA plays fundamental role in improving efficiency of cross-border payments and integrating fragmented national markets for Euro payments into a single one.
Retail banking is an important component of German banking sector, represented by a large number of banks with different origin and business focus. Apart from two nationwide networks of local cooperative and savings banks, there are independent banks, regional state banks, and specialized banks.
With high standard of living in the Netherlands making it an favorable investment and private banking destination for both domestic and foreign banking groups, retail banking remains an essential part of the Dutch banking sector. About half of the retail banks offer their products via the Internet, while there are also several pure direct banks.
Direct banking is a relatively new way of delivering banking products and services to the customers via direct channels, meaning that a direct bank operates without brick-and-mortar branch network and its services are provided via online banking, mobile banking, ATM networks, and even mail. As direct banks don't have an expensive branch network, the resulting cost savings are passed on to the bank's customers which allows to offer fair conditions in all product areas.
In 2019, 100 top banks in the United Kingdom comprised together about 70,0 % of the country's banking assets. Slightly more than the half of these banks (59) have domestic capital, while 41 banks are foreign-controlled representing 22 different countries.
Although there is no formal requirement on having a local bank account when getting a residency or buying a property in Greece, the Greek government has implemented a number of restrictions on the use of cash, so having a bank account can be useful in everyday activities. Banking services in Greece are available not only to Greece residents, but also to non-residents, both individuals and companies.
Initially focused on tourism, Bermuda has emerged info international business and offshore financial center and has recently shown steady progress in attracting companies and individuals working in FinTech space. International banking services, provided in Bermuda include not only traditional retail and business banking, but also private banking, asset management, wealth management, wealth and tax planning, trust adiministration, and online brokerage.