Vice-Minister of Finance V. Markevičienė invited Taiwanese companies to invest in our country and take advantage of the Fintech ecosystem
At the international forum of financial technology "Fintech Taipei 2023", Vice-Minister of Finance of the Republic of Lithuania Vaida Markevičienė, who is visiting Taipei with a business mission, invited Taiwanese investors and financial sector entities to set up in Lithuania and develop their activities here.
"Lithuania creates services and goods with high added value, and offers high-tech solutions. One of them is the financial technology sector, for the successful and sustainable development of which it is important to attract investors offering innovative solutions to Lithuania – it could be Taiwanese investors," said Vice-Minister of Finance V. Markevičienė.
According to her, Lithuania's jurisdiction is very attractive for the development of the Fintech sector – it enables companies to expand their portfolio of products and services, attract new customers and earn profit. This, in turn, makes it possible to create jobs with high added value and collect more taxes in the budget.
"Perhaps the greatest strength of Lithuania is the close and open cooperation between public authorities and market participants in solving the problems arising for Fintech companies and achieving the set goals," said V. Markevičienė.
The potential of the Fintech sector is growing rapidly, with global revenue predicted to reach USD 1.5 trillion, and the highest growth is expected in the countries of Asia and the Pacific Ocean.
The Vice-Minister emphasized that due to the favourable business environment and legal regulation, not only digital financial services and the use of technological solutions necessary for their provision, but also open banking, cyber security and other sectors needed for the development of smart technology-based solutions and investments have recently grown rapidly in Lithuania.
Bilateral trade between Lithuania and Taiwan last year reached EUR 167.6 million. The development of mutual economic relations is supported by a trade representative of the Republic of Lithuania that started operating in Taipei in September 2022, and the Lithuanian Trade Representative Office in Taipei was officially opened on 7 November 2022.
Last updated: 26-10-2023
Related news:
S&P Global Ratings confirmed Lithuania’s credit rating
Defence bonds were distributed for EUR 80.5 million across recent issues