The Fintech Landscape in Lithuania report, which is a yearly study, has been released recently.
The report focuses on the state of Fintech. It asserts that Lithuania keeps on growing rapidly in Fintech and the numbers have increased significantly by 24% to 210, while the number of jobs in the following sector has risen to 3,400 by 30%.
The report also indicates that the growing trend will continue in 2020 as well, with creating more job opportunities and diversified environment. Besides, regulatory innovations will certainly make the sector more competitive and flexible.
Vilius Sapoka, Minister of Finance of Lithuania, declared that the country is poised to develop new areas, where Fintech can play a pivotal role. Lithuania will further promote and facilitate innovations, which will ensure effective collaboration and bolstering of capabilities in terms of security. The country will keep on providing incentives for new programs.
Mantas Katinas General Manager of Invest Lithuania said that according to the study Fintechs have a massive impact on Lithuania, and they are gradually making more sophisticated environment. Though successes are notable, it is essential to develop more and more to attract talents from abroad.
Marius Jurgilas is actually a person playing a crucial role in creating Lithuania’s effective Fintech regime. He is one of the integral members of the Board of the Bank of Lithuania. He mentioned that although consolidating and development is essential, there is also a need to pay attention to various challenges and risks while protecting customers as well.
The study also showed increasing numbers in companies that are involved in digital banking, lending, reg tech.
According to the report, the anticipations for 2020 are mainly favourable. Approximately fifth of Fintechs are expected to raise €5 million and nearly 16% – between €1 to €3 million.
Experts predict that the list of Fintechs in Lithuania will probably reach 250 by the end of 2020. The diversification will definitely continue and increase in special banking licenses is also expected.
New job opportunities are most likely to emerge in 2020, and the demand will concentrate on IT, software development and business development. As Lithuania continues to grow economically, it will surely attract not only professionals looking for new opportunities but Lithuanian expats as well.
As for the governmental side, it is anticipated that the sector’s infrastructure will develop. New security mechanisms will facilitate the growth of Fintech startups and sophistication of the cybersecurity field is also underway. The industry should always be ready for a fast response to various threats.