2023–2028 Fintech Sector Development Guidelines Signed
The Ministry of Finance, together with the Bank of Lithuania, Invest Lithuania, Go Vilnius, and several industry associations, has signed a memorandum to implement the 2023–2028 Fintech Sector Development Plan in Lithuania.
The guidelines outline five key priorities for fintech sector growth:
- Enhancing sector quality
- Attracting innovative solutions from abroad
- Strengthening local fintech expertise
- Reinforcing Lithuania’s jurisdiction
- Boosting international recognition as Europe’s fintech hub
The Ministry of Finance forecasts that Lithuania’s fintech sector revenue could grow sixfold by 2030, reaching a value of $190 billion.
However, the plan has faced criticism due to a lack of regulatory clarity and concerns over legal uncertainty. While Lithuania was once known for its attractive licensing framework, growing fears over data privacy, cybersecurity, and money laundering have led regulators to tighten their approach.
Since the summer, the Bank of Lithuania has revoked the licenses of three fintech companies, signaling a shift towards prioritizing quality over quantity. Moving forward, balancing security, regulatory stability, and long-term sector appeal will be key to maintaining Lithuania’s position as a fintech-friendly jurisdiction.
