Lithuania hopes for further growth of the fintech sector and is open to investors from all countries, including China, the country's Finance Minister Vilius Sapoka says.
Vilius Šapoka
Vilius Šapoka
© DELFI / Josvydas Elinskas

"We're open for all countries. We expect our fintech sector to grow," he told a press conference of the Central and Eastern Europe and China 17+1 format forum in Vilnius.

"Lithuania is an open economy but when I say that we are very open, I also mention that our requirements are the same for everybody," he added.

Vitas Vasiliauskas, board chairman of the central Bank of Lithuania, said Chinese companies come in second in Lithuanian in terms of the number of e-money licenses they have, overtaken only by the UK. He noted, however, that China and Lithuania's positions on risk management differ in some aspects.

"Of course we have differences, especially in understanding personal data, but they are very natural because we have different traditions, different systems, different governments," he said.

Meanwhile Sapoka paid attention to the fact that regulation standards for the financial sector are fairly similar across the world.

"But the aim of our discussion is to concentrate on common challenges and to share the best practices and to exchange our ideas. Lithuania is going to become not only fintech hub but a center of excellence in risk management," Sapoka said.

Huo Yuzhen, special representative of the Ministry of Foreign Affairs for China for CEEC Cooperation, praised Lithuania for setting fintech as the forum's key topic.

"I very much appreciate the move by Lithuania under the framework of 17+1 cooperation to choose such a forward looking topic, financial technology, as subject matter of our forum. Financial technology is one of the issues of core relevance for ordinary people. It provides possibilities things to do things we cannot avoid doing. In other words, it mitigates risks and provides greater convenience and services," she said.

Lithuania is hosting the top-level 17+1 forum for the first time, with representatives of the Finance Ministries and central banks from Central and Eastern European countries in attendance. China is also represented by Zhu Hexin, an executive vice president of the Bank of China, as well as participants of China's financial market.

It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.

Finance Minister singles out fairness of tax system as one of key objectives

Lithuania’s Finance Minister Gintare Skaiste stressed the importance of fairness of a tax system...

SIS detains Tete-A-Tete owner Kacas as part of corruption probe (1)

Officers of Lithuania's Special Investigation Service have detained Samoilas Kacas, owner of company...

EU minimum wages grew cautiously amid COVID-19 economic uncertainty

The economic uncertainty created by the COVID-19 pandemic slowed, but did not stop, overall minimum...

Economists warn of price hikes in Lithuania

As the prices for electricity and gas are set to go up as of July in Lithuania, economists are warning...

Minister: a US technology company Space X accepted our invitation to operate in Lithuania

Minister of Transport and Communications Marius Skuodis believes that the entry of Space X founded by...

Top news

Ministry asks for EUR 11.5 mln for protection of Belarusian border

Lithuania's Interior Ministry is asking for an additional allocation of 11.5 million euros for the...

Neopagans could reapply for recognition in three months’ time (1)

Lithuania's Romuva, an ancient Baltic religious community, will be able to reapply for state...

Finance Minister singles out fairness of tax system as one of key objectives

Lithuania’s Finance Minister Gintare Skaiste stressed the importance of fairness of a tax system...

Belarus student in Vilnius: living here expanded my horizons

Electronic Business Management student Tania Krauchauka from Gomel (Belarus) calls Vilnius an...

Neringa launches culture capital events (1)

On Friday, Neringa officially launched events as part of its Lithuanian Capital of Culture 2021...