17-11-2023

Vice-Minister of Finance V. Markevičienė: "We invite Singaporean companies to take advantage of our Fintech ecosystem and invest in Lithuania"

At one of the world's largest financial technology forums, Singapore Fintech Festival 2023, which is held in Singapore, Lithuania's Vice-Minister of Finance Vaida Markevičienė invited the financial sector companies of this country to set up in Lithuania, look for partners, invest and develop activities throughout the EU.

The Vice-Minister also discussed with President of the Singapore FinTech Association Shadab Taiyabi the possibilities of cooperation with Lithuanian Fintech companies that could offer their technological solutions.

"Lithuania creates high value-added services, one such example is the thriving Fintech ecosystem, which we have actively developed so far and plan to continue doing this in the future. For the successful and sustainable development of the financial technology sector, it is important to attract high-tech investors to Lithuania. Therefore, we invite Singapore's Fintech business community to become part of this ecosystem, and Lithuania can serve as a springboard for Singaporean companies in the course of development throughout the European Union," said Vice-Minister of Finance V. Markevičienė.

According to the Vice-Minister, 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 contribute to overall economic growth.

One of Lithuania's greatest strengths is the close and open cooperation between public authorities and market participants – this allows Fintech companies to effectively solve problems and achieve desired goals.
 
V. Markevičienė presented to the Singaporean business community the guidelines for the development of the Fintech sector in Lithuania prepared by the Ministry of Finance together with partners. Their implementation will allow maintaining the stable and sustainable growth of the sector in the future, and will ensure the supply of the necessary talents.

The potential of the Fintech sector in the world is growing rapidly, it is projected that the global income of this sector in 2030 will reach USD 1.5 trillion, and the highest growth is expected in the countries of Asia and the Pacific Ocean.