The National Fintech Guidelines were confirmed via an MoU signed by the ministry of finance, central bank and a number of trade associations.

According to the ministry of finance, Lithuania has the most issued licences of any EU state with over 260 companies employing more than 7,000 people, a 19% increase on 2021 figures.

The five point plan includes a commitment to support the growth of the sector, to make it safe and reliable and to attract “innovative fintech solutions” to the country. Each of the five objectives will have their own KPIs.

These KPIs include an annual sector turnover growth rate of 30% and 35m customers for Lithuania-licensed companies by 2028.“Today, more than 25m Europeans are benefiting from the financial services of companies licensed in Lithuania,” said Simonas Krėpšta, member of the board at the Bank of Lithuania.

“This is both an acknowledgment of Lithuania and a significant responsibility. Recent events in the global markets have highlighted the importance of striking a balance between developing financial innovations and managing risks.”