International Experts Gathered in Vilnius Acknowledge Lithuania鈥檚 Leadership in the Fintech Sector
On December 14-15, 91桃色 (VU) Faculty of Economics and Business Administration hosted the International Scientific Conference 鈥淲orld Finance and Banking Symposium鈥�. More than 100 international scholars, national bank researchers, and academics from prestigious universities from 35 countries gathered in the festively decorated city of Vilnius during these days.
The conference covered a wide range of highly topical issues, including financial technology, sustainable finance, corporate financial reporting and ethics, banking, monetary and financial stability policies, etc. However, the conference particularly highlighted the significant work done in the Fintech sector, emphasising Lithuania鈥檚 strong leadership in this domain today and the ample room for growth that still exists on this path.
鈥淭he Fintech startup ecosystem in Lithuania is the fastest growing in Europe today,鈥� says Prof. Alfreda 艩apkauskien臈, Head of the Department of Finance at the VU Faculty of Economics and Business Administration and Head of the Conference Organizing Committee. 鈥淔or example, after Brexit, the British company Revolut left the United Kingdom and settled in Lithuania. Lithuania is the first European country to issue digital banking licenses and the largest FinTech centre in the EU in terms of the number of licensed companies,鈥� the expert said.
Prof. Alfreda 艩apkauskien臈
According to Dr. Ignas Zimaitis, Vice Dean of the VU Faculty of Economics and Business Administration, all the conditions for the Fintech sector to flourish are in place, including a well-prepared legal framework, a large number of Fintech companies already operating in the country (according to the Bank of Lithuania, at the end of 2022, there were 263 Fintech companies in Lithuania), and a strong circle of professionals and experts in this area. Another crucial factor determining the success of this sector in the country is that Lithuanian consumers are ready to embrace these technologies and are happy to use them. 鈥淭he size of the Lithuanian market makes it like a sandbox, where we have the conditions to build the most impressive Fintech castles and entire cities,鈥� the researcher jokes.
Andrius Bi膷eika, Deputy CEO and Member of the Board of Revolut, also echoed the scientists of the Faculty of Economics and Business Administration, sharing his personal experience of how the decision to establish a Revolut bank headquarters in Lithuania was made, how bold the start was, and how much support there was from the authorities. 鈥淭he idea is one thing, but the most important element is its execution,鈥� said A. Bi膷eika, both thanking and praising all those who have contributed to the Financial Technology breakthrough in Lithuania.
Dr. Ignas Zimaitis
Dr. I. Zimaitis was also delighted that as many as 6 Lithuanian scientists were invited to participate in such a high-level international event, where only the highest quality research publications and presentations are selected. 鈥淲e can see the benefits of the growing partnership between science, government, and business. Today, experts from South Korea, China, and the UK are coming and inviting us for future joint projects. They want to work together with our scientists and businesses. This is an important recognition. I am glad that at this conference, we, as a faculty, as a university, as a city, and as a country, have shown the best we have to offer to researchers and the Fintech community,鈥� said Vice-Dean Dr. I. Zimaitis.
鈥淲orld Finance and Banking Symposium鈥� was the second global scientific conference organised by the Faculty of Economics and Business Administration in 2023, attracting researchers and business representatives from all over the world to Lithuania and demonstrating the international recognition of the faculty and its researchers.