Fintech sector remained dynamic and diverse over the year, with more focus on improving regulation in the future
The Fintech ecosystem in Lithuania remained dynamic and diverse over the year, the growth of innovative companies related to data analytics, financial software, and cyber security is observed. And well-thought-out regulatory rules and a balanced approach will help to realize the goals set in the sector's development guidelines – Vice-Minister of Finance Vaida Česnulevičiūtė - Markevičienė says at the annual meeting with the participants of this sector.
A year ago, the Ministry of Finance approved the 2023-2028 development guidelines and an action plan for the Lithuanian Fintech sector, aiming at becoming an internationally recognized and recognizable European financial technology centre with high added value within the next five years.
"The goals set out in the development action plan are being successfully implemented: the number of clients served by Fintech companies operating in Lithuania grew very quickly from 25 to almost 29 million, fewer and fewer companies face a talent shortage. Our immediate work is related to improving the interaction between the market and regulation," Vice-Minister of Finance Vaida Česnulevičiūtė - Markevičienė says.
According to her, the growing competition in the financial sector leads to greater choice for the consumer, adjusts the pricing of services and encourages companies to create more customer-oriented innovative services and products.
"In the field of legislation, we will focus mainly on the proportionality of the application of regulatory requirements, openness to new business models and reducing the bureaucratic burden. Those Fintech companies that will best adapt to market dynamics and regulation will be best prepared to establish themselves in the market," the Vice-Minister states.
Not only the abundant supply of talents – over 7,000 professionals work in this sector alone – but also the accumulated experience contributes to the successful development of the sector. Also, active risk management, in which Lithuania is a world leader based on the international Basel index, created for the assessment of money laundering and terrorist financing risk management, Lithuania is among the 10 countries in the world that manage risks best.
The plan for the development of the Fintech sector approved last year consists of 59 actions, of which 7 have been completed, 49 are in progress, and 3 will be implemented by the set deadlines. Specific indicators have been established for monitoring the implementation of the action plan, which are estimated every year.
Last updated: 17-06-2025
Related news:
Minister of Finance: A historic turning point in ILTE activities
Collection of revenue to the State budget and municipal budgets in January-June
The formation of the political team of the Ministry of Finance has been completed
Defence bonds were distributed for EUR 31.3 million across recent issues