Lithuania’s fintech sector now fastest growing in EU - Fintech Inn Lithuania
2020-05-11

Lithuania’s fintech sector now fastest growing in EU

Lithuania is home to the fastest growing fintech sector in the European Union, and the second fastest growing in Europe, behind only the UK.

A study carried out by Invest Lithuania and Rockit Vilnius, which looked at the state of fintech in 2019, reveals an impressive 24 per cent increase in the number of Lithuanian companies operating in the sector. This has brought multifaceted social and economic benefits to the Lithuanian IT industry, leading to diversification and sophistication.

According to the study, around 20 per cent of fintechs in Lithuania are expected to raise at least five million euros over the coming year, and a further 16 per cent between one and three million euros. Not only is this growth increasing vertically, but also horizontally, as the number of companies in the sector diversify.

Companies are becoming more engaged in a wide range of fields, from digital banking and lending to regtech and identity. However, those focused on payments and remittances services are currently leading the way.

“The study shows fintechs are continuing to flock to Lithuania, but also maturing and shaping a more sophisticated ecosystem, with more private investment expected in 2020,” notes Mantas Katinas, general manager of Invest Lithuania.

The number of jobs in the sector rose 30 per cent in 2019 to reach over 3,400. And according to projections, the number of fintechs is expected to rise again in 2020 by 16 per cent to over 250 companies, generating 1,000 more new jobs. These are likely to have a demand focused on IT, software development, compliance and AML, and business development.

Along with Lithuania’s rapid economic growth and rising living standards, this is expected to bring many expats home as well as attract international professionals looking to relocate.

“Our capital Vilnius is now among the top four fintech hubs globally as well as the most attractive destination for FDI in terms of tech start-ups. Despite these successes, we want to boost our ecosystem further to become even more competitive and attractive for fintechs and high-skilled talent from abroad.”

Positive social trends have also been reflected in the industry, with 51 per cent of companies having one or more female executives in their Lithuanian office. While this can be improved exponentially, it shows that there is movement in the right direction with further increases of female representation expected.

The government has further fostered this growth with important development of the sector’s infrastructure is anticipated and new sandboxes to facilitate the growth of fintech start-ups are planned. Additionally, the Bank of Lithuania is expected to develop a globally-leading novel risk-assessment framework to boost the robustness of the sector’s AML and CFT.

“We want Lithuania to pioneer new areas in which fintech can play a major role. The development of the fintech sector is one of the government’s priorities. We will continue to provide incentives for the creation of new programs that promote innovative financial services, while strengthening our capabilities in terms of security,” says Vilius Šapoka, Lithuania’s minister of finance. “It will be key for us to continue the seamless collaboration we’ve seen across institutions so far, something that sets us apart from the rest of the world”

“As we consolidate our position even further, we will be paying closer attention to the challenges and risks that come with growth, while providing Fintechs with new avenues and spaces to innovate further,” says Marius Jurgilas, a member of the board at the Bank of Lithuania, who is credited with playing a major role in the creation and success of Lithuania’s fintech regime.

Source: Emerging Europe 

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22 October

Main stage 22 October /
Time
Topic
Speakers
10.05-11.05
INVESTING IN CRYPTO / DIGITAL ASSET COMPANIES (VENTURE CAPITAL PERSPECTIVE)

Sumit Kishore (moderator), Head of Operations @ Consensys
Uldis Tēraudkalns, CEO @ Nexpay
Sang H Lee, Co-Founder and CEO @ VegaX and Konstellation

11.05-12.05
NEOBANKING’S NEXT TRICK: GETTING BIG, STAYING NIMBLE

Remco Veenenberg (moderator), Head of Partnerships @ Perfinal
Sarp Demiry, CEO @ European Merchant Bank
Mantvydas Štareika, CEO and Member of the Board @ SME Bank
Esther Groen, Advisor to the Board @ Holland FinTech
Andrius Bičeika, Deputy CEO and Member of the Management Board @ Revolut Bank

12.05-13.05
DIGITAL TRANSFORMATION: THE NEXT ERA OF FINTECH

Jarosław Sarwa (moderator), Community Partner @ FinTech Connector, Digital Leader @ QGroup
Jennifer Reynolds, President and CEO @ Toronto Finance International
Liudas Kanapienis, Co-Founder and CEO @ Ondato
Anton Zujev, Head of Business Development and Sales @ Forbis
Siri Børsum, Global VP Finance Vertical Eco-development & Partnerships @ Huawei Consumer Group

13.05-13.25
THE SUCCESS STORY BEHIND GROWTH OF LITHUANIA’S FINTECH ECOSYSTEM AND WHERE DO WE GO FROM HERE ?

Liutauras Žilinskas, Investment Advisor for Technology @ Invest Lithuania

13.25-14.35
DIGITAL IDENTITY & DECENTRALISED IDENTITY: CHALLENGES & OPPORTUNITIES

Liudas Kanapienis (moderator), Co-Founder & CEO @ Ondato
Audrius Ramoška, Co-Founder and CEO @ Soverio
Kalev Pihl, CEO @ SK ID Solutions
Jon Ølnes, Product Manager Trust Services @ Signicat
Barbara Hałasek, Head of Regulatory Affairs @ Coinfirm

14.35-16.05
WORKSHOP: STARTUPS, PR AND THE MEDIA IN 2021

Mike Butcher, TechCrunch’s Editor-at-large
Julija (JJ) Jegorova (moderator), Founder and CEO @ Black Unicorn PR

16.05-16.15
CLOSING

Louis Zezeran, moderator

9.00-9.05
OPENING

Louis Zezeran, moderator

9.05-10.05
IS ALTERNATIVE FINANCING BECOMING MAINSTREAM FINANCING?

Mindaugas Mikalajūnas (moderator), CEO @ SME Finance
Tomas Mačiulaitis, CEO @ FinBee Verslui
Diego Perez, CEO @ the Fintech Association of Brazil – ABFintechs and Co-Founder @ SMU Investments

Michel Breeuwer, General Manager Benelux @ Mambu

21 October

Main stage 21 October /
Time
Topic
Speakers
10.30-11.30
EMPOWERING GREEN FINANCE. BIG CHANCE FOR FINTECHS?

Alex Gibb (moderator), Partner @ Katalista Ventures and Advisor @ Sumup
Dominykas Stankevičius, Investment Associate @ Launchpad Capital
Tee Pruitt, Head of Partnerships @ Doconomy
Akvilė Bosaitė, Partner and Co-Head of Banking & Finance Practice Group @ COBALT Legal
Rosvaldas Krušna, Chief Specialist @ the Bank of Lithuania

11.30-12.30
DATA PRIVACY vs. AML/KYC

Martynas Bieliūnas (moderator), Managing Partner @ Privacy Partners Group
Domantas Čiuldė, Co-Founder and CEO @ Idenfy
Faisal Islam, Head of FC/AML @ Sentinels.ai
Marios M. Skandalis, Director Compliance @ Bank of Cyprus
Taavi Tamkivi, Founder and CEO @ Salv

12.30-13.00
120M AUDIENCE – THAT FINTECH ECOSYSTEM HAS OVERLOOKED

Vaiva Amulė (moderator), Head of Fintech Hub LT
Sandra Golbreich, Co-Founder and CEO @ Baltic Sandbox

13.00-14.00
DeFi AND THE FUTURE OF FINANCE

Ash Costello (moderator), Member of Expert Panel @ EU Blockchain Observatory & Forum
Vytautas Karalevičius, Co-Founder @ Bankera and SpectroCoin
Vytautas Kašėta, Co-Founder & CIO @ SUPER HOW?
Chia Hock Lai, Co-Chairman @ Blockchain Association Singapore
Patryk Walaszczyk, Blockchain Consultant @ IBM

14.00-15.00
POWERING THE POTENTIAL OF PAYMENTS

Daumantas Dvilinskas, CEO & Co-Founder @ TransferGo
Marcilio Oliveira, COO & Co-Founder @ Sensedia
Marius Galdikas, CEO @ ConnectPay
Airidas Puodžiūnas, General Manager @ Contis

15.00-16.00
CYBER SECURITY: BEST PRACTICES TO OPTIMIZE INCIDENT HANDLING

Tomas Martinkėnas, Director of Security and Privacy @ Vinted
Mario Galatovic, VP Products & Alliances @ Ultimaco
Jessica Ramos, Head of Regulatory & Oversight Affairs @ EBA CLEARING
Marius Pareščius, Vice President @ Paysera

Tomas Beinaravičius (moderator), Senior Consultant @ Transcendent Group Baltics

16.00-17.00
FINTECH & AI: BREAKING DOWN FINANCE VERTICALS AND IN SEARCH FOR NEW HORIZONTALS

Jung Seok Kang, Founder and CEO @ AIZEN
Mariane ter Veen, Director, Lead Data Sharing @ Innopay
Dr. Yogesh Malhotra, Founding Chairman & CEO @ Global Risk Management Network

17.00-17.10
CLOSING

Louis Zezeran, moderator

9.00-9.10
OPENING

Louis Zezeran, moderator

9.10-9.30
WELCOME ADDRESS
9.30-10.30
MOVING FROM OPEN BANKING TO OPEN FINANCE. WHAT DOES THE FUTURE LOOK LIKE?

Ronalds Mesters, Co-Founder & CEO @ Nordigen
Aleksėjus Loskutovas, CEO @ NEO Finance
Gibson Nascimento, Head of Solutions EMEA @ Sensedia
Shaul David, Growth & Head of Banking @ Railsbank