Lithuania lays claims to second largest fintech hub in Europe - Fintech Inn Lithuania
2020-05-11

Lithuania lays claims to second largest fintech hub in Europe

The Fintech Landscape in Lithuania report, a yearly study providing a snapshot of Lithuania’s Fintech sector, was released.

The report, which looks at the state of Fintech in 2019, confirms the continuation of the strong growth trend of previous years, with the number of Fintechs increasing by 24% to 210 and the number of jobs in the Fintech sector increasing by over 30% to 3,400. The report foreshadows the trend to continue into 2020, with important growth in the number of Fintechs, jobs and further diversification and sophistication. In addition, regulatory innovations are poised to make the sector more robust and competitive.

“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. 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,” said Vilius Šapoka, Lithuania’s Minister of Finance.

“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. Our capital Vilnius is now among the top 4 Fintech hubs globally as well as the most attractive destination for FDI in terms of tech startups. 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,” said Mantas Katinas, General Manager of Invest Lithuania.

“The Lithuanian Fintech success story of the past four years has demonstrated that regulators can play a positive role in fostering an ecosystem and facilitating innovation while protecting consumers. 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,” said Marius Jurgilas, Member of the Board of the Bank of Lithuania. Jurgilas is credited with playing a major role in the creation and success of Lithuania’s Fintech regime.

Over the last year, the Fintech sector has seen growing diversification, with a significant increase in the number of companies engaged in digital banking, lending, regtech and identity. The landscape continues to be led by companies in the payments and remittances services area, with 78 companies.

The report also indicates a positive outlook for 2020 in terms of revenue, capital raising and market consolidation. Around a fifth of fintechs expect to raise at least €5 million over the coming year, and 16% expect to raise between €1 to €3 million. Companies in Regtech, wealth management and digital currency expect the strongest growth.

The number of Fintechs in Lithuania is expected to rise beyond 250 by the end of 2020, and the trend towards diversification is expected to continue. An increase in demand for special purpose bank licences and other types of licences is expected, as suggested by the growth in the number of digital banking and personal finance businesses in 2019.

Jobs are expected to grow at a similar rate to that of 2019, adding over a thousand new positions in 2020, with demand focused on IT, software development, compliance & AML, and business development. Lithuania’s rapid economic growth and rising standards of living are expected to attract a significant number of Lithuanian expats to return from abroad, as well as international professionals looking to relocate in 2020.

On the governmental side, important development of the sector‘s infrastructure is anticipated. New sandboxes to facilitate the growth of Fintech startups are planned. However, the Bank of Lithuania’s priority will be developing the country‘s robustness of risk mitigation and cybersecurity, with the focus on AML and CFT. To this regard, the Bank of Lithuania is planning to create an innovative, fast response risk-assessment framework with near real-time insights-based supervision.

Source: Finextra 

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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