President of the Republic of Lithuania

Lithuania presented as European Fintech hub

2018-11-06

Tuesday, November 6, Shanghai Lithuania is a European leader in rapidly developing financial technologies. This is how President Dalia Grybauskaitė presented Lithuania in a special Fintech event held in Shanghai attended by 150 Chinese companies.

The global financial technologies sector is looking for new opportunities to offer higher quality and more accessible financial services. Innovative tools such as Fintech allows companies to compete with traditional financial services.

According to the President, a business-friendly regulatory environment, innovative banking infrastructure, highly qualified professionals and easy delivery of services across Europe when granted a license by the Bank of Lithuania has helped Lithuania emerge as a friendly and internationally respected destination for Fintech companies.

The Bank of Lithuania which regulates the Fintech sector issues licenses two to three times faster compared to other European countries and offers assistance in setting up companies in Lithuania and testing new products. 

Much attention is devoted to managing anti-laundering, information protection and cyber security risks.

According to the President, Lithuania values its highly rated reputation and leading status in the Fintech sector; therefore companies wishing to access the European market via Lithuania must be fully transparent in their operations. 

The Lithuanian Fintech sector grew by 40 percent last year. It incorporates 150 operating companies, including 6 Chinese companies with the Bank of Lithuania-granted licences.

Press Service of the President

Last updated 2018.11.06 10:52

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