Located in the centre of Europe, Lithuania is also becoming a centre of the financial technologies sector in the European Union. Fintech–conducive regulatory environment, young and talented labor pool and ability to reach half a billion customers throughout Europe – these are the things Lithuania can offer not only to local companies but to any fintech company that wants to grow.
And offers already – 2018 statistics showed that a total of 170 companies were operating in the country: 120 of them being Lithuanian and others – both from and non–EU.
„As a hub of fintech sector in Europe, not only we can offer a favourable conditions for fintech business, but also open the gates to European market as one license, issued in Lithuania, is valid in whole European Union“,
– says Jekaterina Rojaka, vice–minister of the Ministry of the Economy and Innovation of the Republic of Lithuania.
One of the things the country stands out is the speed of authorisation: it only takes 3 months to obtain an electronic money or payment institution license – it’s the fastest turnaround in EU. Lithuania also has a unique SEPA payments infrastructure, which allows non–banks to have direct access to SEPA and issue IBAN numbers for their clients. To help start–ups adjust with regulatory requirements, in Lithuania, they are given a one–year sandbox period.
To present all these abilities Lithuanian delegation will visit China at the beginning of September: 2 September at Guangzhou Plaza Hotel, No 374, Beijing Rd, Guangzhou, 4 September at Technology Plaza, 1067 Nanhai avenue, Nanshan District, Shenzhen, 6 September at Boardroom, The Indian Chamber of Commerce Hong Kong. Vice–minister J. Rojaka, as well as Lithuanian ambassador in China Ina Marčiulionytė together with other delegation members, look forward to participating in the events.
„China’s potential in fintech development is stunning, taking in consideration that first private and electronic banks there opened just a few years ago“,
– says J. Rojaka, who also will meet with representatives of „PSBC Consumer Finance“, „Shenzhen Qianhai Webank“ and „Lexin Fintech Holdings“ companies.
According to the statistics of the Lithuanian Ministry of the Economy and Innovations, already 6 Chinese fintech businesses are issued with Lithuania’s Central Bank licenses. In total in 2018 Lithuania granted more than 110 licenses to fintech companies: crowdfunding and peer–to–peer lending platform operators, electronic money and payment institutions, specialised banks.
Hear more about fintech industry trends, discover new companies and make valuable connections at the biggest fintech conference in Baltics – visit „Fintech Inn 2019“, which will take place in Lithuania’s capital Vilnius on 27–28th of November.
Featured image credit: Pixabay