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International Internet Magazine. Baltic States news & analytics Sunday, 16.06.2019, 07:59

Lithuanian govt approves fintech sector development plan

BC, Vilnius, 09.01.2019.Print version
The Lithuanian government endorsed on Wednesday a financial technology (fintech) sector development plan worked out by the Finance Ministry, Prime Minister Saulius Skvernelis said LETA/BNS.

"We approved the plan. I believe the ambition to become a fintech hub in this part of Europe is very important," Skvernelis said at a news conference.  

"New technologies are advancing really fast, and if we as a state lag behind technologically or fail to put in place the necessary legal base, we'll remain on the fringes," he said, adding that "the goal of the Finance Ministry and all of us is to be leaders."

Finance Minister Vilius Sapoka said efforts to position Lithuania as a fintech hub have yielded good results. 

"Last year was very successful. Intensive discussions between responsible bodies and professionals in their field within the country in seeking a balance between innovation development and risk management and active efforts abroad to spread the message about Lithuania as a fintech hub have more than paid off," he said.  

The government's goals include attracting at least two major fintech companies to Lithuania this year and to increase the number of companies in the sector by 15%. 

In order to give a boost to the sector, Lithuania must build the necessary workforce, promote fintech exports and create a favorable climate for fintech companies, according to the Finance Ministry. 

The sector is expected to create 15 percent more jobs and grow its revenue by 25% this year. Lithuania aims to be placed on at least one major international ranking of fintech hubs. 

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