According to finance experts, Lithuania has the attributes to become a new hub for investments from financial technology (FinTech) companies, due to its excellent communications and information infrastructure, as well as specialists with novel ideas.
On 6 October 2016 the Ministry of Finance, the Bank of Lithuania and the City of London Corporation are holding a conference on FinTech for policy developers, regulators, academics and business representatives from the finance sector, plus anyone else interested in the development of the industry.
The conference’s organisers expect that the event will serve as a platform for the discussion of global FinTech trends. It will also be a great opportunity to consider recent proposals designed to promote the development of the FinTech sector in Lithuania, which have been drafted by the Ministry of Finance in cooperation with the Bank of Lithuania.
Finance Minister Rasa Budbergytė believes Lithuania has the right conditions to develop a thriving FinTech sector because its people and businesses are adaptable and innovative, and have the enthusiasm to implement new ideas. “We must create the conditions which would promote the establishment of new FinTech companies in Lithuania,” urged the Minister. “The development of these state-of-the-art services in Lithuania would not only provide jobs for highly skilled employees, but would also grant access to alternative funding to small and medium-sized businesses. We hope that the conference will be a perfect opportunity to share information and experience before submitting proposals to the Government.”
Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania, believes regulators also have an important role to play in creating the right conditions for innovation in the finance sector. “The rapid changes in the finance sector show that, in order to maintain a competitive and open-to-innovation jurisdiction, regulators need to keep pace with the market,” he commented. “This includes the removal of obstacles which were necessary in the past but no longer fit with the present situation, as well as the improvement of infrastructure and the preparation of an appropriate regulatory environment for the finance sector. We have been focusing on these directions for some time already, and hope that the combined effort of all state institutions will speed up these necessary changes,” concluded Mr Vasiliauskas.
The upcoming conference is a valuable opportunity to hear the insights and suggestions of market representatives and academics with a view to helping Lithuania become a more attractive base for innovative financial technology companies.
The conference will take place on 6 October 2016 in Barclays Vilnius Rise (Gynėjų g. 14, Vilnius). Please find more information here.
Live streaming of the conference will also be available.
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