27-08-2024
G. Skaistė in Korea: "Lithuanian leadership in Fintech and green finance creates new business opportunities"
“Fintech solutions have a huge potential to provide the financial resources needed for the green transition. Lithuania, as a leading European Fintech hub with smart regulation and an emerging green finance ecosystem, has a unique potential to exploit synergies in these areas, enabling new business models that may be relevant for market participants in Korea and other countries in the region,” Minister of Finance G. Skaistė said during the keynote speech at the Conference “Fintech Week” in South Korea.
Referring to the sustainability and financial technology trends in Europe, G. Skaistė noted that as part of the EU Green Deal, which aims to make the EU the first climate-neutral continent by 2050, the EC has planned to mobilise EUR 1 trillion of public and private investment over a decade.
“In this context, new opportunities are opening up for the Fintech sector due to its unique capacity to combine financial instruments with innovative technological solutions to ensure a more efficient channelling of financial resources towards the greening of the economy. The potential of the sector is illustrated by forecasts that global Fintech revenue is expected to increase sixfold by 2030, and a significant part of this growth will come from the European market.”
The Minister noted that Lithuania is the best jurisdiction in Europe to exploit business opportunities arising from synergies between green finance and the Fintech sector. Lithuania has already established its position as the European Fintech hub, which unites a wide range of financial technology companies of various profiles into the local Fintech ecosystem, which is being developed with the help of an advanced regulatory and risk management system. With a view to further sustainable development of the sector, we have adopted national guidelines for the development of the Fintech sector for 2023-2028, an important component of which is the promotion of innovative business models, increasing the potential of our Fintech ecosystem.
Lithuania has also taken exceptional decisions in the area of green finance: “We have adopted the Green Finance Action Plan to address the financing challenges of the green transformation at national level. In line with international best practices, we have established the Green Finance Institute, which acts as a think-tank for the public sector, providing expert advice on green finance to business and policymakers and ensuring the implementation of the green finance agenda at national level,” Minister Skaistė said.
According to the Minister, the long-term and focused work of the Lithuanian authorities in developing the local Fintech ecosystem and creating a business-friendly and advanced regulatory environment makes our country a particularly attractive jurisdiction for Fintech companies in the Asian region, which, based in Lithuania, can take advantage of the business opportunities offered by the European market.
The Global Fintech Exhibition and Conference “Korea Fintech Week” will take place for three days from 27 August to 29 August.