Sorainen senior associate Artûras Asakavièius will be leading the Fintech Lithuania Group established by the Infobalt association and uniting more than twenty members. The group was established to exploit the potential of the fintech sector, currently one of the fastest growing sectors in Lithuania. A number of fintech start-ups and international companies have announced their decision to carry on operations in Lithuania.

Financial institutions, IT companies and other associations will be working to encourage more active use of financial innovation, to shape a favourable infrastructure and to export developed financial innovations. Establishing the Fintech Lithuania Group is one more step towards establishing Lithuania as a centre for fintech in the Baltic-Nordic region.

The aim of establishing a fintech group or association has also been expressed by the Lithuanian ministry of finance, the Bank of Lithuania and other public authorities in suggestions for sector development promotion presented to the Lithuanian government several months ago.

According to Artûras Asakavièius, chairman of Infobalt Fintech Lithuania Group and senior associate at Sorainen: “In the nearest future we will see IT companies shifting to financial technologies, traditional financial institutions increasingly moving to virtual space, credit institutions and insurance companies acquiring or merging with other fintech companies, and the latter consolidating. Growing worldwide interest in fintech, increasing numbers of fintech companies in Lithuania and Lithuanian government support have all encouraged the establishment of Fintech Lithuania. Infobalt is closely related to the fintech sector and unites many members operating in this area, so it took the lead in establishing a group that can utilize the current structure of Infobalt and achieve a result more quickly and more effectively than a new association”.