Today the representatives of the global financial sector, Fintech service providers, representatives of banks, risk and investment funds are gathering to probably the most important and prestigious event of the year – “Innovate Finance Global Summit”. There, Finance Minister of the Republic of Lithuania Vilius Šapoka will present Lithuania and its ambitious goal – to become the Fintech leader in the Baltic and Nordic regions.
“And this has nothing to do with the size of the country. This is about the people. Creative, talented. And innovations, for the development of which there are very favourable conditions in our country. We assume responsibility and leadership for the opportunities. I am confident to say – we strive for the status of the Fintech leader in the region, “ will state Vilius Šapoka when presenting Lithuania at the Conference.
According to him, having solid foundations for the Fintech development in Lithuania, we are determined to further improve conditions for building up innovative business here and now. When presenting the possibilities of the country, the Minister will refer to specific examples – a favourable infrastructure and programmes for promoting innovative activities of financial institutions have been created in Lithuania, payment and e-money licences are issued in Lithuania within 3 months (in some other European countries – even several times more slowly). Moreover, the Law on Crowdfunding was adopted, activities of peer-to-peer lending platforms was validated. The Government also provided more possibilities for identifying the client remotely.
According to the Minister, the basis for success is often created by good examples – programme for promotion of financial technology start-ups is in place in Lithuania, Barclays Rise, Nasdaq Technology and Business Competence Centre and other well-known or growing names of the financial world participate in the Fintech ecosystem.
Together with politicians and business representatives from the USA, Singapore, Indonesia, United Kingdom, China, United Arab Emirates and other countries Minister Vilius Šapoka will discuss and share experience in the challenges and opportunities of the financial technology sector in the world.
Fintech industry developed as a result of increasing interdependence between financial services sector and information technology sector. Innovative common solutions enable more rapid, less expensive and more comfortable supply of financial services (especially in areas of payments, e-money and credits) to consumers.