At Fintech Day, we had an engaging conversation with Daumantas Dvilinskas, CEO and Co-founder of TransferGo. Daumantas shared insights into TransferGo’s mission to revolutionize digital remittances globally. The company focuses on drastically reducing the cost of cross-border transfers, thereby extending financial services to previously unreached populations. With a strategy aimed at making digital remittances mainstream, TransferGo is actively expanding into markets like Africa, Central Asia, and Latin America, while also introducing financial products such as wallets and cards to enhance customer engagement and trust.
Daumantas highlighted the challenges of achieving digital payment adoption in various markets, pointing out the “Last Mile Readiness” issue where banks, especially outside Europe, operate on legacy systems with high reliance on cash transactions. He emphasized the importance of building trust with customers and the need for a region-by-region approach to introduce efficient and cost-effective digital remittance solutions. Reflecting on Lithuania’s fintech ecosystem, Daumantas expressed pride in the country’s achievements but acknowledged that there’s still progress to be made in terms of private-public sector collaboration and regulatory maturity.
He attributes Lithuania’s success in fintech to its export-oriented market and the natural inclination of Lithuanians towards finance, fueled by a history of migration and a strong educational focus on finance and technology. The key takeaway from Fintech Day 2024 for Daumantas is the mainstream acceptance of fintech in Lithuania, highlighted by the packed event and supportive words from the country’s president. This environment underscores Lithuania’s role as a vibrant hub for fintech innovation and collaboration.
