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Finance Minister: Lithuania seeks to become Fintech leader in Baltic, Nordic region

RIGA/VILNIUS - Lithuania, which features favorable conditions for the development of innovative financial services, seeks to become the leader of financial technologies in the Baltic and Nordic region, Finance Minister Vilnius Sapoka says before presenting the intentions at the international financial technologies conference Innovate Finance Global Summit in London on Monday.

"We take the responsibility and leadership for the possibilities. I am saying clearly – we seek a status as the regional leader in financial technologies," Sapoka said in a press release.

In his words, Lithuania has created a good foundation for the financial technology industry in recent years, intending to further improve the conditions for innovative business. Lithuania features favorable infrastructure, programs for the promotion of innovative operations of financial institutions, with licenses for payment and electronic money issued within three months. Furthermore, the Law on Crowdfunding has been adopted and operations of mutual borrowing platforms have been legalized. The government has also granted more possibilities for remote client identification.

Success is often built on good examples, said the minister, noting the availability of fintech startup promotion program in Lithuania, participation of Barclays rise, Nasdaq technologies and business competencies center and other well-known and growing financial world names in the fintech ecosystem.

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