Lithuania has become a centre for Fintech and the world has noticed

FinTech, from Shutterstock

Considering the ever-changing needs of consumers in the financial services domain, the digitisation of services will be the main topic of this year’s Fintech Inn conference. Due to the rapid growth of fintech companies, there will inevitably be new challenges arising and the problems of money laundering and cyber-security will remain key points. There will also be a focus on discussions on the challenges of blockchain technologies and their development, Akvilė Bružinskaitė wrote in .

According to Minister of Finance Vilius Šapoka, beyond a regulatory environment, infrastructure, tax incentives and other favourable measures, we also have unique cooperation between the public and private sectors. This is one of the key reasons for our success in this sector.

“Today, we have gathered in already the fourth conference. I am very glad that over such a short period of time, Lithuania has become a centre for fintech, which is discussed around the world. The reason for our success is a joint strategic and progressive attitude to the fintech ecosystem. This conference, which has grown tenfold over the years, not only marks that Lithuania has chosen the correct path, but also allows us to increase our competitive advantage,” V. Šapoka said.

Bank of Lithuania board member Marius Jurgilas stated that five years ago, nobody knew in Lithuania, just what fintech innovations are, while today they are excellently integrated into our daily lives. According to him, fintech companies also increase competition in the local market.

M. Jurgilas notes that 1 in 10 citizens today already use mobile payments and contactless cards are becoming increasingly appealing to users.

Also, according to him, an entire 81% of residents believe that instant payment opportunities are very necessary or necessary, while at the same time last year, this number was at 61%.

“This conference is an excellent example of how our innovation culture is changing and particularly in one of the most important sectors – finance. We succeeded to create a movement in a small country, a movement, which resolves our own problems. We want faster, cheaper and better services for consumers and businesses. We are also seeking financial novelties to emerge not in some large Asian country, but in a small European country – Lithuania. This conference is an excellent example of how we are successfully moving in that direction,” the Bank of Lithuania board member stated.

Founder of the network and author of three books on blockchain Sukhi Jutla, who spoke at the Fintech Inn conference, congratulated Lithuania and emphasised that the country is recognised as being one of the most prospective countries in the fintech space.

“Fintech is expanding rapidly in the Baltic region and it is particularly visible here in Lithuania. This means that a niche will be created for new technologies and for creativity and this is the most important because if you have specialists if you hand them the necessary tools, you create new products. I would even dare say that in the near future, you will compete with London and will become the main fintech world centre,” S. Jutla spoke.

Awaiting Chinese investors

The BNS news agency reports that in the Central and Eastern European countries and Chinese 17+1 format forum, which was organised in Vilnius, press conference V. Šapoka stated that Lithuania expects continued growth in the fintech sector and is open to investors from all countries, including China.

“We are open to all countries. We hope that our fintech sector will continue growing,” V. Šapoka said at the forum’s press conference.

Bank of Lithuania board chairman Vitas Vasiliauskas stated that Chinese companies are second in Lithuania based on the number of electronic money licenses, only behind the United Kingdom. At the same time, V. Vasiliauskas emphasised that the Chinese and Lithuanian positions on risk management are different in certain regards.

“Of course, there are differences, particularly in perceptions of private data […]. However, these differences are very natural, we have different traditions, systems and political governments,” the Bank of Lithuania board chairman said.

V. Šapoka added that financial sector regulatory standards are rather similar around the world.

“The goal of our discussions is to focus on common challenges and share best experiences. Lithuania will become not only a centre for fintech but also an example of how to manage risk,” V. Šapoka stated.

Yuzhen Huo, the head of the Chinese Foreign Ministry’s 17+ secretariat, praised Lithuania for its choice of the forum’s main topic being financial technologies.

“I greatly value Lithuania’s step to choosing such an innovative topic for the 17+1 forum. […] Financial technologies are one of the most important topics for common people. They grant the opportunity to do things, which we cannot avoid. In other words, these technologies reduce risks and grant greater convenience, as well as more services,” Y. Huo stated.

The BNS report states that the high level 17+1 forum is being held for the first time in Lithuania. It features representatives from Central and Eastern European ministries of finance and central banks.

The Chinese delegation arriving in Lithuania is led by the Deputy Governor of the People’s Bank of China Hexin Zhu and includes participants of the Chinese financial market.
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