20 Lithuanian companies working in the field of financial technologies have merged together into the association “Fintech Lietuva”. The merger has been encouraged and supported by the Ministry of Finance, Bank of Lithuania and other public authorities.
Minister of Finance Vilius Šapoka explained: “In my opinion, it is the most important to have not only an idea and direction, but also a plan for its achievement. I am pleased to send to the world a clear message – we seek Fintech leadership in the Baltic and Nordic region. This ambitious goal of Lithuania is already audible and elicited reactions. To attract investors and investments, we have already created different incentives for the establishment of Fintech companies in our country, a favourite legal environment, attractive solutions in different development stages”.
Lithuania is attractive for financial technology and innovation sector for its flexible regulatory framework. Companies may use the Sandbox Mode, and the licencing process is the most expeditious among the European Union countries. The Baltic country is able to attract more financial technology companies due to a favourable, economically competitive environment and a world-class ICT infrastructure. Lithuania is a global leader for broadband speed; the world’s fastest public “Wi-Fi” network operates in the country. The country also has many professionals with technological education who speak at least one foreign language.
With the merger, a basis was laid for further development of innovative financial technologies and services in Lithuania. This will provide an opportunity to use Lithuania’s potential, attract foreign capital and to create cheaper and more convenient financial services for users and business.
Financial technologies, also known as “FinTech”, is quite a new innovation sector in the world. The concept “FinTech” covers new solutions unveiling intensifying development of innovations related to processes, goods or business models in the financial services sector. The main goal of the new sector is more rapid, less expensive and more effective financial services. The concept “FinTech” brings together the latest information technologies and financial services covering a wide range starting from payments for services to lending or financing which is of utmost importance to small and medium-sized businesses.
Source: Ministry of Finance of the Republic of Lithuania