Lithuania has published National Fintech Guidelines as part of its plan to establish itself as a leading fintech hub in the European Union (EU). The guidelines outline five objectives to support the growth, safety, reliability, and innovation of the fintech sector in Lithuania.
Facts
- Lithuania has issued a five-point, five-year plan for its fintech sector.
- Lithuania has the highest number of issued licenses among EU states, with over 260 companies employing more than 7,000 people, marking a 19% increase from 2021.
- The five objectives of the plan aim to support the growth of the fintech sector, ensure its safety and reliability, and attract innovative fintech solutions to Lithuania.
- Key Performance Indicators (KPIs) have been set for each objective, including an annual sector turnover growth rate of 30% and a target of 35 million customers for Lithuania-licensed companies by 2028.
- Over 25 million Europeans are already benefiting from the financial services provided by companies licensed in Lithuania.
- The National Fintech Guidelines were confirmed through a Memorandum of Understanding (MoU) signed by the Ministry of Finance, the central bank, and various trade associations.
- Recent global market events have emphasized the importance of striking a balance between developing financial innovations and managing risks in the fintech sector.
