According to the Lithuania Fintech Report 2017, a total of 117 financial technology (fintech) companies have been registered in Lithuania so far, 35 of which – last year. The rapidly growing market calls for a new generation of specialists, which Vilnius Gediminas Technical University (VGTU) will start preparing in the nearest future.
According to Jelena Stankevičienė, Dean of VGTU’s Business Management Faculty, fintech emerged at the intersection of two fields – financial services and innovative technology.
“To deliver financial services in the fastest and cheapest manner possible, more and more companies have started offering next-generation solutions to customers,” the Dean stated in an official press release. “Innovative solutions help to cut fees in such areas as crowdfunding, mobile payments, and P2P money transfers by as much as 90%. At the same time, they facilitate the processes of raising funds for business development, receiving payments for products and services, as well as establishing and managing business operations worldwide.”
According to Mrs. Stankevičienė, fintech will disrupt a large number of industries for several reasons. First of all, many fintech startups are already offering banking services under more favourable conditions than traditional banks. Second, users – especially generations Y and Z – are getting increasingly tech-savvy and create a larger demand for digitalising popular financial services.
The education sector should keep up with the developments in the business world. VGTU already has a good track record in preparing Financial Engineering, IT and Cybersecurity specialists. This year, the University seeks to expand its curriculum with a Master’s Studies in Financial Technology programme. Graduate students will choose from a pool of subjects in Finance, Investment Management, Mathematical Methods and IT, tailored to meet the needs of the rapidly changing industry.
According to the Dean, the programme is meant to satisfy the current and future requirements of the market. By introducing this programme, the University joins the Bank of Lithuania, the Ministry of Finance and Invest Lithuania in their pledge to make Lithuania Europe’s fintech nexus.
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