The Ministry of Finance submitted the proposals for the further development of financial technology (fintech) industry in Lithuania to the Government on Monday. The proposals have been prepared by the Inter-institutional Working Group on Fintech Development, which included both state institutions and business community.
“We see larger contributions of the Lithuanian financial market towards the economic growth as a goal. Favourable conditions for the development of financial technologies are one of the measures. The innovations created by the companies in fintech become services which will be of vital importance for business development and competitiveness. Lithuania goes hand in hand with Fintech industry. It is important not to stop now. We should properly exploit the opportunities at hand”, said Minister of Finance Vilius Šapoka.
Lithuania has created a good foundation for the financial technology industry in recent years, focusing on the incentives for the fintech companies to set up in the country. The Government is offered further solutions related to the fintech policy environment, availability of capital (e.g. possibilities for fintech companies to make use of the European Union funds), fintech demand (e.g. tools facilitating cashless payment transactions), the availability of talent and relevant services.
The planned measures includes removal of unjustified barriers for business to render services remotely, one-stop-shop of consultations, information and data for Fintech companies (expanding a programme “Newcomer” for foreign companies relocating to Lithuania which is provided by the Bank of Lithuania). It is also planned to open the way for Blockchain (decentralised digital ledger) technology, which would allow simplifying settlement, accounting, and documenting services.