The Digital Finance Outreach – Lithuania: webinar on the future prospects for European digital finance
While preparing a new digital finance strategy for Europe, the European Commission has launched “The Digital Finance Outreach 2020” – a series of events organised in collaboration with the EU Member States. According to the Global Fintech Index, Lithuania is the leader in the EU fintech scene, which allows it to share valuable insights on the latest fintech trends and challenges. Organised by the Ministry of Finance of the Republic of Lithuania in collaboration with the Bank of Lithuania, the Agency for Science, Innovation and Technology, ROCKIT, the European Commission Representation in Lithuania, and the European Commission’s Directorate General for Financial Stability, Financial Services and Capital Markets (DG FISMA), the webinar held on 20 May 2020 aimed to gather fintech leaders and stakeholders as well as to stimulate discussion on digital innovation in the financial sector.
“The coronavirus outbreak has become a powerful catalyst in the digitalisation process, blurring the line between conventional financial service providers and fintech companies. Therefore, the development of the single EU market for financial services has been given a new impetus. As a regional leader in digital finance, Lithuania has been actively cooperating with European institutions in enabling Lithuanian fintechs to expand their activities across the EU,” said Marius Jurgilas, Member of the Board of the Bank of Lithuania.
“Having become the leader in the field of fintech prior to the COVID-19 shock, Lithuania should now fully exploit the new opportunities that have opened up, including for digital finance. To this end, we intend to double our efforts. Therefore, the pandemic has not stopped the Lithuanian government from working on fintech-related issues – in early March, we approved a new action plan for the development of the Lithuanian fintech industry. Moreover, we have been regularly exchanging best practices and information with our partners worldwide, as well as consistently working on risk management in order to prevent money laundering and ensure consumer protection,” said Vilius Šapoka, Minister of Finance of the Republic of Lithuania.
The European Commission is enhancing its focus on fintech through targeted initiatives in the context of digital finance. In order to contribute to the Commission’s initiatives, share insights on fintech development and submit proposals for the new digital finance strategy, Lithuania has organised a webinar, where Jan Ceyssens, Head of the Digital Finance Unit at the DG FISMA, will present the future prospects for European digital finance. The webinar participants also discussed whether the EU has the necessary digital infrastructure to provide cross-border financial services as well as issues related to real-time insight-based compliance, consumer protection and cybersecurity.