On 6-8 June, the largest European fintech industry event “Money 20/20 Europe 2023” is taking place in Amsterdam, the Netherlands. The conference, which attracted over 7,500 participants from all over Europe, focuses on financial sustainability, financial market strengthening, and new regulatory challenges.

Lithuania is represented by “Invest Lithuania”, the largest community of fintech companies “ROCKIT”, startup “Ondato”, digital bank “EMBank”, and others. This year, the country's delegation consists of more than 50 companies and organisations, which can be seen at Lithuania's prominent stand.

Highlighting Lithuania’s attractiveness

As Vaiva Amulė, Head of “Fintech Hub LT”, states, Lithuania has emerged as a prominent destination for fintech innovation, attracting a diverse range of fintech companies from around the world.

“Our collaborative ecosystem fosters a spirit of knowledge-sharing, cooperation, and growth, resulting in remarkable achievements for the Lithuanian fintech sector. Over 50 companies from Lithuania will participate in the event, aiming to discover new partners, investors, and clients, while also staying updated and reconnecting with old friends and partners. Through our participation, “Fintech Hub LT” aims to showcase Lithuania's dynamic fintech landscape and solidify our position as a leading fintech hub in Europe,” says Vaiva Amulė.

Lithuania is famous for its achievements in the field of anti-money laundering (AML) and countering the financing of terrorism (CTF), advanced digital technology industry and compliance ecosystem in the country, as well as national regulatory experience in the field of financial sector.

The capital Vilnius has been recognized as the largest Fintech HUB in Europe for several years in a row in terms of the number of licensed companies in EU and more than 7,000 professionals working in AML/CFT field, and the next step is to become the home of the new EU's Anti-Money Laundering Authority (AMLA) too.

Dream home for fintech companies

Lukas Jakubonis, Chief Business Development Officer at the Bank of Lithuania, also cites Lithuania’s attractiveness: “With an excess of services available for outsourcing, you will find everything you need right at your fingertips. Plus, the regulatory process is hassle-free and easily manageable. So, if you have been dreaming of building your own fintech venture or scaling it in Europe, Lithuania is the perfect place to make it happen.”

According to Liudas Kanapienis, co-founder and CEO of the remote customer authentication technology company “Ondato”, Lithuania’s reputation as a European fintech hub is gaining traction in global markets. More and more fintech companies from Lithuania are expanding abroad, raising the profile of the country's market.

“In general, the fintech market itself is becoming more mature and the technological solutions used and developed are becoming more and more advanced, both in traditional finance and cryptocurrencies. As a result, players in the market are getting much more attention from bigger brands and are more favourably viewed by foreign markets.

Of course, the current macroeconomic situation must also be understood: the war in Europe, the slowdown in investment in start-ups, and the fintech sector are also encouraging the sector to be more cautious and to plan its development wisely. Although, we have seen and will see less investment this year, the Lithuanian fintech sector will continue to strengthen its competitiveness, and one of the main reasons for this is the ecosystem's hunger for innovation and the ability to adapt it quickly,” says L. Kanapienis.

Lina Žemaitytė-Kirkman, CEO of “ROCKIT”, a network of fintech companies in Lithuania, reassures: “We are helping to grow Lithuania's startup and innovation system by finding new partners, investors, and sustainable and green finance partners. This is important for us - especially at a time of a global turmoil.”