- Follow us!
-
-
-
-
We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.
The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ...
Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.
Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.
Other cookies are those that are being identified and have not been classified into any category as yet.
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.
Invest Lithuania is here to keep you informed about the latest news, opportunities, and developments shaping Lithuania’s business landscape. If you have any questions or would like more details, feel free to contact us—we’re here to provide the insights you need.
