Minister of Finance G. Skaistė: Further Fintech Sector Success Depends on Open Cooperation of the Entire Ecosystem
“When Lithuania achieves the breakthrough in the Fintech sector, it is important to continue to maintain a strong position on the international map, ensuring qualitative development of the sector and strengthening open cooperation between market participants, supervisory authorities and the public “, stressed Minister of Finance Gintarė Skaistė today at the Conference “Fintech Day” organised by FinTech and Sustainable Innovation Centre Rockit and association Fintech Hub LT.
“Development of the FinTech sector is based on trust. It is, therefore, important to accept the fact that we are heavily reliant on each other — financial sector on rapidly developing technology, and the latter on talents and progress in science and innovation. Taking a broader view - supervisory authorities aim to ensure a supportive, clear and predictable Fintech environment that does not hinder the development of innovation, but empowers it. Further success of this sector depends precisely on all participants of the Fintech ecosystem”, said Ms G. Skaistė.
Therefore, according to the Minister, in order to build trust in the Fintech ecosystem, it is necessary to mobilise the Fintech community, to develop an open dialogue and debate both inside and outside the sector. In this context, the Fintech development guidelines for the next five years are now being finalised, and interested market players and authorities are involved in their development process.
“We have joined forces and together with the market and responsible authorities we are in the process of finalisation of the Fintech development guidelines. Since the beginning of the process, we have invited interested market participants and authorities to present proposals and comments, and encouraged discussions within the established working group, which carried out an in-depth analysis of the sector and made recommendations”, said Minister of Finance.
According to the Minister, Lithuania will seek to establish itself as a high added value Fintech hub in Europe, and the main orientations of the guidelines will include the qualitative development of the Fintech sector, attracting the companies with innovative solutions to Lithuania, focus on strengthening competences and talent supply, strengthening the national security and reliability as well as increasing Lithuania’s recognition in the international arena.
The developed guidelines are planned to be presented to the public in II quarter of 2023.
Last updated: 20-02-2023
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