FinTech LT

Awareness and Promotion of FinTech Innovations (FinTech LT) 

Project lead partner: Agency for Science, Innovation and Technology (MITA)
Project implementation period: March 2019 - March 2021 (24 months).
Project value: 1,962 M Eur.

The aim of this project: increase a number of fintech enterprises and innovations in Lithuania. The project focuses on raising awareness of business community and entrepreneurial society about fintech innovations, and creating a sustainable image of Lithuania as fintech industry hub in the Baltic region.

Project objectives

To ensure access to specific innovation advisory services for enterprises developing financial technologies and innovations.
To promote fintech innovations developed in Lithuania for target audiences in Lithuania and abroad.

Project activities

Provision of innovation advisory services to startups and companies in fintech industry – consultations and advice in the fields of product research and development, commercialisation, innovations‘ implementation, access to financing, knowledge transfer, acquisition, protection, and exploitation of intangible assets, use of standards and regulations embedding them;
Organisation and implementation of events and other communication activities – two international FinTech Inn conferences in 2019 and 2020 to promote fintech innovations, events to promote Lithuania-developed fintech innovation in Lithuania and abroad, visits and mission of foreign media outlets, promotional articles in foreign and Lithuanian media and production and broadcasting of visual production.

Project description

In the recent years, by exploiting new and developing electronic technologies, taking advantages of changes in consumer behaviour and applying innovative business models, fintech industry has expanded a range of financial services and improved their quality and accessibility, especially in the fields of payments, electronic money and credit.

Lithuania has great opportunities to become one of fintech industry hubs in Europe and attract related investments. Those prospects are facilitated by attractive regulatory approach for fintech enterprises to operate, existing tax incentives for investments in research and development and innovation, available pool of IT resources and friendly overall business environment. According to The Fintech Landscape in Lithuania Report, a number of fintech companies in Lithuania kept on growing and reached 170, in 2018. The trends confirm the existing potential and ambitions to become an important regional fintech hub.

At the same time, the potential of Lithuania’s fintech industry is considered to be higher. Estimated that wider awareness of fintech innovations and improved framework of innovation advisory services will add to the potential.

The project concentrated on developing the potential of Lithuania’s fintech industry and addressing the existing challenges. To raise awareness of fintech innovations, two international fintech conferences to be held in 2019 and 2020, as well as 30 events and presentations abroad promoting Lithuania’s fintech industry, 16 events in Lithuania, and a number of articles in foreign and Lithuanian media to be prepared and published. In parallel, fintech startups and companies will get access to innovation advisory services and consultations, enabling their growth and development.

Contacts

Last updated: 02-12-2019