Additional Measures for Fintech Development in Lithuania

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2017 02 10

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Vilnius, 10 February. The representatives from the Ministry of Finance, Bank of Lithuania and other public authorities discussed further measures to foster the development of the financial technology (Fintech) industry in Lithuania. The proposals will shortly be forwarded to the Government.

“Lithuania has the potential to be a leading Fintech player in the region. After considering the comments of various authorities and market participants, we are now finalizing a set of further measures in this field”, said Vice-Minister of Finance Loreta Maskaliovienė who chaired the meeting. The Vice-Minister added that the Government makes its efforts to meet the expectations of this fast-growing industry – this would provide more opportunities for growth and jobs.

Last year the Seimas adopted the Law on Crowdfunding, amendments to the Law on Consumer Credit and to the Law on Credit Related to Real Estate enabling the functioning of crowdfunding and mutual borrowing platforms. The Government validated more possibilities of identifying the client remotely. In addition, The Bank of Lithuania developed a special programme “Newcomer” to attract new Fintech companies (equivalent to regulatory sandbox regimes offered by some other countries). Lithuania provides the access to the single euro payments area (SEPA) infrastructure for a broader range of financial market participants than other European Union countries.

Fintech issues will also be discussed on 18 May at the International Conference organised by the Ministry of Finance and Lithuanian Financial Markets Institute. 

Public Relations Division
vrs@finmin.lt
Finmin.lrv.lt