Lithuanian Institutions Enhance Focus on New Financial Technologies and Fintech Sector Development in Lithuania

The globally accelerated development of financial technologies (Fintech) predetermines the need for a more efficient use of Lithuania’s potential available in this sector. Upon the request of the Government, the Ministry of Finance in cooperation with the Bank of Lithuania and other institutions concerned will prepare concrete proposals on how to enhance the development of the Fintech sector in Lithuania.

“Since our information technology sector and infrastructure, as well as higher-education study programmes are well developed, the number of international centres for IT technologies and services is continuously increasing, and financial market participants are showing great interest, we should assess all possibilities the future development of the Fintech sector would provide”, affirmed Prime Minister Algirdas Butkevičius.

Over the past years, Lithuania has made a considerable progress in creating a proper environment for the development of the Fintech industry in Lithuania: simplified procedures for obtaining licences for the activities of e-money and payment institutions have been approved, legal acts regulating peer-to-peer lending platforms have been adopted, and the Draft Law on Crowdfunding has been approved by the Government.

Minister of Finance Rasa Budbergytė emphasised that, following the assessment of our progress in the field of financial markets, as well as the prospects for the development of the Fintech industry in the country, Lithuania should present itself as a state that is able to provide ideal conditions for the development of this sector. “Financial technologies, along with the biotechnology and laser sectors, could promote the image of Lithuania as a modern country on a global scale”, said the Minister.

“For several years, the Bank of Lithuania has been purposefully working to enhance competition in the Lithuanian financial sector and promote its efficiency. For this specific purpose, we have initiated amendments to the legal acts that promote alternative business financing development and create favourable conditions for competition between companies operating in the payments sector. Now is the time to take a step forward and, if we are able to combine the efforts of state institutions and the private sector to achieve this common goal, we will have excellent possibilities to become the Fintech leader in the region”, stated Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania.