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Lithuania seeks to become China’s fintech gateway to Europe

July 09, 2018

In the meeting of heads of Governments of China and the Central and Eastern European countries 16+1, wherein Lithuania was represented by Vilius Šapoka, the Minister of Finance, it was agreed to establish a financial technologies coordination centre of 16+1 format in Vilnius and to organize high-level fintech conference in 2019.

“On this occasion, I would like to thank all 16+1 countries for their expressed evaluation of and support to the Lithuanian initiative. It is a perfect example that China and Central and Eastern European countries are linked by common interests, i.e. creation of attractive environment for financial innovations and promotion of the development of innovative business. Having established the fintech coordination centre, we shall not only increase awareness of Lithuania, as a fintech country, worldwide and get more investment and new job places. By this, we shall also create opportunities for sharing of the newest knowledge on innovations and measures assuring financial stability, fight against money laundering and terrorism financing, cyber security and consumer protection,“ Vilius Šapoka, the Minister of Finance, spoke in the summit.

The decision was made after approval of the Sofia Guidelines for Cooperation between China and Central and Eastern European Countries.

According to Mr. Šapoka, the Minister of Finance, 16+1 format shall strengthen bilateral relations between Lithuania and China. Lithuania wants to become a gateway for financial services of China to Europe and is ready to undertake a role of the leader.

In the 16+1 format meeting, Mr. Šapoka, the Minister of Finance, together with the Prime Minister of China and Prime Ministers of Central and Eastern European countries also discussed on opportunities of cooperation in the area of transport and logistics, industry and the high technologies, agriculture, financial technologies, tourism, e-trade and investment as well as development of relations between EU and China.

Source: Ministry of Finance

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