Lithuania’s main fintech representatives have just signed a Memorandum of Understanding confirming the country’s National Fintech Guidelines for 2023-2028.
Among the signers of the MoU are the Ministry of Finance, the Bank of Lithuania, city development agency Go Vilnius, and several business associations and hubs such as ROCKIT, Fintech Hub LT, Infobalt, and BCCS.
The guidelines include five separate directions, and they were created to help improve business conditions while supporting the development of an open, transparent, and secure regulatory framework. Lithuania’s Ministry of Finance oversaw the drafting procedure for the guidelines, as they could have a significant strategic importance, as well potentially support the country’s economy.
Each of the 5 directions included in the guidelines is linked to a concrete project owner and several cooperating institutions. The directions touch on subjects such as ‘Supporting the quality growth of Lithuania’s Fintech sector’, ‘Attracting innovative Fintech solutions to Lithuania’, ‘Lithuania as a Fintech centre of competence’, ‘Lithuania as a safe and reliable jurisdiction’, and ‘Lithuania as an internationally renowned European Fintech hub.’
The country’s minister of finance talked about the Memorandum of Understanding signing and highlighted the rapid growth of the fintech sector in Lithuania:
‘During the past six years, Lithuania has witnessed rapid growth in the fintech sector, and advancing it further is one of our priorities. That is why we are not only seeking to strengthen our position as a regional fintech hub, but also aiming to become a globally recognised high value added fintech centre. These fintech guidelines have brought together the most influential experts from Lithuania's institutions, businesses, and associations. The outcome is a document that defines long-term national and international goals for the entire sector.’
The guidelines were created specifically to support the development of the fintech sector in Lithuania. To this end, attracting and retaining international fintech companies is seen as a top priority, with the Bank of Lithuania's Newcomer programme viewed as a key component in achieving this.
Issues such as anti-money laundering and cyber security are particularly noteworthy. The country’s Centre of Excellence in Anti-Money Laundering specialises in training experts and sharing knowledge. In addition to these and other measures, the guidelines focus on the need for more cooperation with educational institutions, in a bid to ensure that the fintech sector has a steady supply of talent.
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