During Fintech Day, we spoke with Karolis Žemaitis, Vice Minister of Economics and Innovation of the Republic of Lithuania. Karolis plays a crucial role in overseeing investments, trade, and the startup ecosystem, including the fintech sector, which he refers to as the “Crown Jewel” of Lithuania’s startup landscape. The Ministry of Economics aims to enhance Lithuania’s competitiveness in attracting talent, implementing favorable regulations, and optimizing the tax system to support the fintech ecosystem.
This involvement is part of a broader strategy to promote growth not only in scale but also in quality within the fintech sector, emphasizing the need to showcase Lithuanian fintech on a global stage. The updated fintech strategy reflects Lithuania’s transition to a maturity phase within the fintech ecosystem, focusing on enhancing the quality of local ecosystems and promoting Lithuanian fintech internationally. The sense of community within Lithuania’s fintech sector is highlighted as a unique attribute, facilitating close collaboration between private and public sectors. This compact community allows for direct communication and mutual support, fostering an environment where startups and government entities work together towards common goals.
Karolis notes the vibrancy and diversity of attendees at Fintech Day 2024 as a key takeaway, illustrating Lithuania’s global appeal in the fintech domain. He emphasizes the importance of maintaining momentum and leveraging Lithuania’s competitive edge to remain a significant player in the global fintech industry. The vision for the Baltic fintech community involves fostering collaborations across various sectors, maintaining a competitive mindset, and treating Lithuania as a startup to stay agile and innovative. The interview with Karolis Žemaitis provides insight into Lithuania’s strategic approach to nurturing its fintech ecosystem, highlighting the collaborative efforts between the government and the private sector to ensure continued growth and international recognition.
