President of the Republic of Lithuania

Welcome address by President Gitanas Nausėda at the conference Fintech Inn 2019

2019-11-27

Ladies and Gentlemen,

It is an honor for me to speak to an audience who cares about technological transformation, sustainable development and global FinTech agenda. Two billion people around the globe are still without any access to financial services. Financial innovation is the way to solve this issue.

This conference should help us move towards the ultimate goal – a better digital future for all. Amid the ongoing technological change, we must constantly search for new ideas, exchange knowledge and cooperate.

One could always worry that rapid transformation might go out of control. However, a more promising way is to inquire how innovation might help us to better deal with our challenges.

Only two months ago at the Concordia Summit in New York City, I insisted on the need to make the best of all advantages offered by digitalization and robotization. I also noted that we need to prepare the society for new challenges.

Today I am happy to conclude that Lithuania has chosen to play an active role in this transformation. The collaboration of public institutions and the involvement of the private sector has helped our country to become a regional FinTech hub. Lithuania’s regulatory environment and infrastructure are being praised by both start-ups and world-class companies.

There has been a five-fold increase in the number of FinTech startups over the last five years. Our FinTech community has been offering various services and products – from payments, investments and lending options to cybersecurity and “Know Your Customer” solutions.

Nevertheless, we have to go further. We need to look at possibilities that could provide a cross-sectoral dimension of financial innovation. We need to link financial technologies with sustainable finance, climate change, cybersecurity, transport, trade, and energy sectors.

We also need to have the right balance between innovation and risk management. It is very important to ensure that all the necessary checks and balances, including consumer protection, are in place.

I strongly believe that Lithuania has a solid ground to be a center of excellence for risk management in the financial services sector where state of the art solutions to fight money laundering and terrorism financing are being developed.

Ladies and Gentlemen,

Lithuania is a country with big aspirations. The fact that this conference is attended by representatives from more than 500 companies and more than 60 countries shows that Lithuania has become a great place for the global FinTech community to meet.

Let this conference be a springboard for new innovations that matter!

I wish you a very productive day.

Gitanas Nausėda, President of the Republic of Lithuania

Last updated 2019.11.28 09:54

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