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At the meeting with the American-Lithuanian business council – attention to the FinTech sector

At the meeting with the American-Lithuanian business council – attention to the FinTech sector

Lithuania continues moving to attract FinTech sector companies. New Lithuanian Finance Minister Vilius Šapoka stated that creating better conditions for the FinTech sector is a high government priority.

Lithuanian Ministry of Finance reports that the Finance Minister Vilnius Šapoka discussed the development of FinTech sector with the president of American-Lithuanian Business Council (ALBC) Eric Stewart. During the meeting the Minister reaffirmed that the establishment of FinTech companies in Lithuania are valued and expected. „The government and other authorities are making every effort to create favorable conditions for innovative business in Lithuania“, – said Finance Minister Vilius Šapoka.

During the meeting the Minister noted that growing bilateral relations are crucial seeking to acquire US business confidence. Among good past bilateral cooperation examples the Minister mentioned the “Technology and business competence center”, opened by a stock exchange company Nasdaq. In order to take over the good US companies experience, Minister Šapoka invited their representatives to take part in an International Conference on the financial markets, which will take place this spring here in Vilnius.

The government and other authorities are making every effort to create favorable conditions for innovative business in Lithuania

Inga Karulaitytė-Kvainauskienė, attorney at law of ECOVIS ProventusLaw, is glad that the government is continuing to support the further development of the FinTech sector. “By working with companies from FinTech sector we see a steady growing investors interest in Lithuania and among them – US companies”, – said I. Karulaitytė-Kvainauskienė.

The fact that Lithuania remains a reliable partner and that the investment climate is favorable, is indicated by the recently concluded World Bank “Doing Business” ranking, where Lithuania occupied 21 place among 190 countries, and among the European Union Member States – 10th place. In 2016 US direct investments in Lithuania amounted to 223,05 mln. euros.

By working with companies from FinTech sector we see a steady growing investors interest in Lithuania and among them – US companies”, – said I. Karulaitytė-Kvainauskienė.

Lithuania is already regarded as one of the top countries in European Union for FinTech companies. Application for a license can be submitted here without establishing a company, there are no particular requirements for senior management, the Bank of Lithuania reviews applications and issues a licenses for Payment or E-money institutions within the period of 3 months or even faster. Moreover, the Bank of Lithuania is also committed not to punish newly established Payment or E-money institutions during the first year of supervision for minor infringements and all documents can be submitted in English.

Inga Karulaitytė – Kvainauskienė