A man poses for a snapshot with a Lithuanian flag during the 100th anniversary of the restoration of Lithuanian statehood in 2018 in Lithuania. Lithuania holds the title of the largest fintech hub in the European Union on licenses issued; it’s globally regarded as one of the lowest-risk jurisdictions to do business, per the Basel AML Index. SEAN GALLUP/GETTY IMAGES.
Lithuania’s prominent institutional actors in fintech including the Ministry of Finance, the Bank of Lithuania, Go Vilnius, ROCKIT, and Fintech Hub LT signed a Memorandum of Understanding, solidifying guidelines to enhance conditions for business in the sector and fostering the development of transparent regulatory frameworks through 2028.
“Lithuania holds the title of the largest fintech hub in the European Union on licenses issued; it’s globally regarded as one of the lowest-risk jurisdictions to do business, per the Basel AML Index,” said Benzinga.
The Lithuanian Ministry of Finance is doubling its fintech bets with new policies. The direction of these policies will establish Lithuania as an internationally-renowned fintech center of competence, as well as support the continued growth of the sector in the country; currently. “The country is already home to over 260 fintechs employing nearly 10,000 individuals,” said reports.
Finance Minister Gintarė Skaistė emphasized the importance of a clear roadmap for sustained growth and excellence during discussions about bolstering the country’s status as a globally recognized fintech hub. “ The signing of the Memorandum of Understanding and the assignment of responsibilities to specific project leaders are crucial steps in this direction,” said Gintarė Skaistė, The Finance Minister.
“Lithuania is poised to remain one of the top 10 most attractive countries globally for fintech,” said Vida Staskonienė, the Investment Promotion Director in an In exclusive commentary shared with Benzinga.
“These guidelines reinforce the notion that fintech is not only an integral part of the Lithuanian economy but also one of its distinguishing features on the international stage,” said Staskonienė. “When discussing the advantages of operating in Lithuania with international fintech companies, they frequently cite the well-developed digital infrastructure, access to the EU market, a regulatory environment conducive to fintech, and a strong reputation. With the introduction of the National Fintech Guidelines, we can further strengthen these advantages and position Lithuania as an even more appealing destination for fintech businesses,” said Staskonienė.
Lithuania’s targets include a goal of reaching 35 million customers across companies licensed in Lithuania by 2028. There are 25 million Europeans who are currently benefiting from financial services provided by companies licensed in Lithuania.
© 2023 Zenger News.com. Zenger News does not provide investment advice. All rights reserved.
Produced in association with Benzinga
Edited by Judy J. Rotich and Newsdesk Manager
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