Lithuania FinTech Report 2020 – 2021
During the Covid-19 pandemic of 2020, 20 FinTech companies opened new offices in Lithuania. AML Analytics was one of those 20 companies joining the 210 other FinTechs already located in Lithuania. There are now over 4,000 experts working in the FinTech sector in the country with this number set to increase rapidly throughout 2021, firmly establishing Lithuania as a leading FinTech hub. We are proud that some of these experts are already members of the AML Analytics team in Vilnius and 2021 will see a rapid expansion of this team as we continue to recruit specialist IT talent.
Lithuania is now 4th in the Global FinTech Ranking after the US, the UK and Singapore. The main reasons offered by FinTechs starting out in Lithuania are the FinTech friendly regulation and infrastructure, the ease of doing business in Lithuania and the wealth of talent available.
AML Analytics has also been impressed by the high number of people in Lithuania who speak fluent English as well as the wealth of highly qualified IT professionals with proven RegTech and SupTech skills. We also had a very good choice of spacious and modern office locations to choose from when we were searching for suitable premises.
In October 2020, the Government of Lithuania approved the establishment of Lithuania as a Centre of Excellence for Anti-Money Laundering. This is a unique PPP initiated and subsequently created by the Bank of Lithuania to strengthen AML and CFT controls in the country as well as to “mobilise public and private efforts in combating money laundering and terrorist financing”¹. The initiative will involve the collaboration of government agencies such as the Ministry of Finance and the Bank of Lithuania as well as the country’s commercial banks.
The creation of the Lithuanian AML Centre of Excellence provides an ideal environment for the work of AML Analytics as we endeavour to prevent financial crime working directly with Financial Institutions to mitigate AML risk by testing and validating AML systems and providing detailed reporting as to their effectiveness and efficiency.
Download a full copy of the Fintech Landscape Report for 2020 – 2021 published by Invest Lithuania on 18 February 2021 which also includes an interview with AML Analytics CEO and founder Justin Holder.
¹The Fintech Landscape in Lithuania 2020 – 2021 Report, Regulatory Risk Management, p27