Vice-Minister of Finance Vaida Česnulevičiūtė–Markevičienė: "Innovations and balanced regulation will increase the quality level of the Fintech sector"
After the dynamic development of financial technology in Lithuania, one out of ten adult Europeans already uses the Fintech services of our country, there is a natural transition to the next stage of development. It pays more attention to the qualitative growth of the sector, consolidation of positions, which is impossible without innovation. This was emphasized by Vice-Minister of Finance Vaida Česnulevičiūtė–Markevičienė, who participated in the conference “Fintech Day”.
"In the guidelines for the development of the Lithuanian Fintech in 2023-2028 prepared by the Ministry of Finance together with partners the conditions are created for further qualitative growth and strengthening of the sector. There is a lot of attention paid to innovations in the field of finance, which are determined by both market needs and regulatory changes," says V. Česnulevičiūtė-Markevičienė.
According to her, the aim is to create a regulatory framework that promotes innovation and entrepreneurship while ensuring consumer protection, stability of the financial system and managing potential risks. Such a balanced approach will help Lithuania to position itself as a European Fintech innovation hub, allowing domestic and international players to contribute to the maturity of the sector.
Fintech innovation is often driven by changing consumer needs and expectations. The need for faster, more convenient and cost-effective financial services is driving Fintech companies to create innovative solutions. Competition in the financial services sector also motivates companies to introduce new products and services that provide better alternatives for customers.
Regulatory authorities have the important and delicate task of striking the right balance between fostering innovation and protecting consumers and the financial system.
"Well-thought-out regulatory rules can reduce emerging risks and promote innovation, and Fintech companies that will best adapt to market dynamics and regulatory interaction will also be best prepared to lead the competitive battle and gain a foothold in the market," says the Vice-Minister.
The Vice-Minister of Finance also emphasized that events such as the “Fintech Day” are valuable because they help bring the financial sector and supervisory authorities closer together, and an open dialogue promotes the progress of the sector. This conference was organized for the third time by the financial technology and sustainable innovation centre Rockit and the global payment system Mastercard, and the Ministry of Finance is a partner of this event.
At the conference, Vice-Minister of Finance V. Česnulevičiūtė–Markevičienė was presented with the award "Hero of the Lithuanian Fintech sector". It was established by Ondato, a company that develops IT solutions for the prevention of money laundering.
Last updated: 21-02-2024
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