FinTech Week in Lithuania — Record Conference, Summit of Blockchain Hubs and 17 + 1 Forum
Next week, the focus of global Fintech companies, investors and people interested in financial technologies will be targeted on Lithuania – the week from 25 to 28 November is announced to be the Fintech week. During the week the latest Fintech trends will be presented in the largest Nordic and Baltic Financial Technology Conference “Fintech Inn”, also the first ever summit of blockchain hubs, business delegation forum and other events will take place.
In the last week of November Lithuania, as financial technology innovator getting known throughout the world, will bring a record number of Fintech entrepreneurs, investors and technology experts. The FinTech week will start with the first ever round table discussion “BCV Global Round Table”. It will be attended by major global blockchain hubs − Blockchain Centre Vilnius along with blockchain hubs of Melbourne, Shanghai, Sydney and Dubai. Afterwards, the baton will be passed to a special forum for business delegations “ Global Fintech Forum ”, where business delegations will be able to present themselves to other participants and to meet with the representatives of the Lithuanian authorities. The events of the week will culminate in the two- day Financial Technology Conference “ Fintech Inn “, which over the period of 4 years increased from several hundred to several thousand participants from 60 countries.
The FinTech Week will also cover the 17 + 1 High Level Fintech Forum bringing together the representatives from the ministries of finance and central banks of China and the 17 Central and Eastern European countries (CEECs). They will discuss how Fintech can contribute to the economic growth and trade promotion, increase the access of SMEs to export markets, reduce retail payment costs, etc. The Forum will also explore the ways to manage risks linked to the development of financial innovation.
“The fact that the 17 + 1 High Level Fintech Forum is held in Vilnius shows the international recognition of Lithuania’s achievements in fintech,” says Chairman of the Board of the Bank of Lithuania Vitas Vasiliauskas.
“We became a globally known financial technology hub, whose attractive and reliable market is highly valued by foreign fintech companies. If fintech events organised by public authorities several years ago were confined to a single day conference, today the number of participants in the conference is 30 times higher, we have grown up in terms of time and events – this year we will discuss about fintech also at international political level,” says Minister of Finance Vilius Šapoka.
“Lithuania is already known as the advanced state of digital solutions — our digital innovations are delivered to other countries, also we were among the first ones to develop the Artificial Intelligence Strategy and we are the second in the EU for the volume of payments and the number of electronic money institutions in Lithuania”, says Vice-Minister of Economy and Innovation Elijus Čivilis.
The Government, after announcement of the financial technology development as one of its priorities, already since 2016 devotes a strong focus on opening new opportunities for applying innovation and ensuring security. The Lithuanian authorities working together and in constant consultation with the market made Lithuania to be the fintech hub in the region with developed favourable infrastructure, legal environment, programmes to promote innovative financial services, etc. Solely in 2018, the number of fintech companies operating in our country increased from 117 to 170, while the number of employees in this sector increased by seven hundred − to 2.6 thousand per year.
At the same time, Lithuania becomes a competence centre for managing risks related to innovation: in both public and private sectors the number of competent professionals working in this field is increasing, inter-institutional cooperation is strengthened, good practice and information is exchanged with partners in Lithuania and abroad, etc.
Additional information on the Financial Technology Conference “ Fintech Inn”:
- The Conference is organised by the Ministry of Finance of the Republic of Lithuania, the Bank of Lithuania, the Ministry of Economy and Innovation of the Republic of Lithuania, the Ministry of Foreign Affairs of the Republic of Lithuania, Agency for Science, Innovation and Technology (MITA) and Agency Invest Lithuania. All these institutions have joined forces to transform Lithuania into the fintech leader in Europe.
- This year the Conference focuses on cross-border monetary transfers, risk management, digital identity, digitisation of banks, digital currencies, InsurTech, alternative financing, blockchain adaptation, cyber security topics and the latest technical and software fintech solutions. More than 120 speakers will present the latest and most recent fintech trends in the event with a total expected number of more than 3000 participants representing more than 500 companies from all over the world.
- The Conference will be attended by such fintech market leaders as InsurTech star Mr. Matteo Carbone from Italy; leader of nanoPay, in which one of the most prominent banks Goldman Sachs in Wall Street has invested more than USD 10 million, Mr. Laurence Cooke from Canada; founder of fintech start-up “Raisin”, vendor of MHB Bank in Germany Mr. Tamaz Georgadze from Germany; founder of the “Wirex” payment platform operating at three continents on blockchain basis Mr. Pavel Matveev; chief operating officer of the financial technology company Revolut Mr. Richard Davies and founder of MarketOrders.net network and author of three books on blockchain Ms. Sukhi Jutla.
- The participants of the Conference will have the opportunity not only to listen to the highest level statements, but also to familiarise themselves with the unique payment and investment innovation offered by fintech companies, the latest technological solutions proposed by them in exposition area. Given the experience gained in previous conferences and wishes of market participants, B2B meetings have a strong focus this year. They can be contacted by a special meeting mobile app “B2Match”, when downloading which it is possible to see all registered participants, to communicate with them by direct messages and intend B2B meeting
About the 17 + 1 High Level Fintech Forum:
- In 2012 China proposed a new format for cooperation between Central and Eastern European countries (Lithuania, Latvia, Estonia, Poland, Czech Republic, Slovakia, Slovenia, Bulgaria, Romania, Hungary, Croatia, Albania, Bosnia and Herzegovina, Macedonia, Macedonia, Serbia). In April 2019 Greece became another participant of this format and since then the format was renamed into 17 + 1. The countries cooperate in a wide range of areas, such as transport, trade and agriculture, financial technology, people-to-people contacts, etc.
- On 13 April 2019 the 8th Summit of China and Central and Eastern European Countries (CEECs) concluded the Dubrovnik Guidelines for Cooperation between China and the CEECs (the 17+1 cooperation format). Among other areas of agreed cooperation, the leaders of delegations welcoming Lithuania’s achievements in Fintech decided to organise the 17 + 1 High Level Fintech Forum in Vilnius.
- The Forum is organised by the Ministry of Finance of the Republic of Lithuania and the Bank of Lithuania.
- High level representatives from China and 17 CEECs: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Republic of North Macedonia, Montenegro, Poland, Romania, Serbia, Slovakia and Slovenia will participate in the Forum.