The Fintech Panorama in Lithuania report, a yearly examine offering a snapshot of Lithuania’s Fintech sector, was launched. The report, which seems to be on the state of Fintech in 2019, confirms the continuation of the sturdy progress development of earlier years, with the variety of Fintechs growing by 24% to 210 and the variety of jobs within the Fintech sector growing by over 30% to three,400. The report foreshadows the development to proceed into 2020, with necessary progress within the variety of Fintechs, jobs and additional diversification and class. As well as, regulatory improvements are poised to make the sector extra sturdy and aggressive.
“We would like Lithuania to pioneer new areas through which Fintech can play a significant position. The event of the Fintech sector is likely one of the authorities’s priorities. We’ll proceed to supply incentives for the creation of recent applications that promote revolutionary monetary providers, whereas strengthening our capabilities when it comes to safety. Will probably be key for us to proceed the seamless collaboration we’ve seen throughout establishments to date, one thing that units us other than the remainder of the world,” mentioned Vilius Šapoka, Lithuania’s Minister of Finance.
“The Fintech sector has doubled since 2016 and is likely one of the quickest rising excessive value-added sectors of the Lithuanian economic system. These developments are serving to us to get nearer to our aim of changing into one of many monetary powerhouses of Northern Europe,” mentioned Marius Skuodis, Vice Minister of Financial system and Innovation.
“The Lithuanian Fintech success story of the previous 4 years demonstrated that regulators can play a optimistic position in fostering an ecosystem and facilitating innovation whereas defending customers. As we consolidate our place even additional, we might be paying nearer consideration to the challenges and dangers that include progress, whereas offering Fintechs with new avenues and areas to innovate additional,” mentioned Marius Jurgilas, Member of the Board of the Financial institution of Lithuania. Jurgilas is credited with enjoying a significant position within the creation and success of Lithuania’s Fintech regime.
During the last yr, the Fintech sector has seen rising diversification, with a major improve within the variety of firms engaged in digital banking, lending, regtech and identification. The panorama continues to be led by firms within the funds and remittances providers space, with 78 firms.
The report additionally signifies a optimistic outlook for 2020 when it comes to income, capital elevating and market consolidation. Round a fifth of fintechs count on to lift at the least €5 million over the approaching yr, and 16% count on to lift between €1 to €three million. Firms in Regtech, wealth administration and digital forex count on the strongest progress.