According to the report The Fintech Landscape in Lithuania 2022-2023, altogether 263 Fintech companies are operating in this Baltic state. More than 7,000 people are employed in the Fintech sector.
Why Fintechs choose Lithuania?
According to the Invest Lithuania Fintech Survey 2022, for 84% of respondents, the reason to stay in the country is access to the EU market; 41% appreciate Fintech-friendly regulation and infrastructure; and 61% said it is the country´s digital infrastructure they value.
Companies licenced in Lithuania have served over 25 million customers, a significant milestone that demonstrates Lithuania’s position as the EU’s leading Fintech hub. Lithuania has solidified its place among the most reputable jurisdictions in the world, climbing to 8th place among the lowest-risk jurisdictions, according to the Basel Index, leading independent ranking of money laundering and terrorist financing (ML/TF) risks around the world. The strengthening of the sector in Lithuania is evidenced from various perspectives: capital flows, revenue growth, and market reach.
Support from the Government
Attracting highly qualified talent to the country’s IT and finance sectors is one of the Lithuanian government’s top priorities. Already in place is the EU Blue Card scheme, which allows highly qualified professionals from outside the EU to immigrate easily. Their number is rising: according to the report, in 2020 there were only 289, but two years later, 3924 highly qualified specialists moved to Lithuania.
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The key responsibilities of the Bank of Lithuania, which is Lithuania’s central bank and supervisory authority, include supervising financial market participants, increasing competition in the financial system, and protecting consumers. “Lithuania has become an important European Fintech hub, but we should not stop here; we should seek long-term success by anchoring ourselves to our status as a trustworthy, secure, and innovative jurisdiction,” says Simonas Krėpšta, Member of the Board at the Bank of Lithuania.
