Lithuania's 10 Years Challenge - from Developing Country to European FinTech Hub

If you use social media, you have probably noticed a trend across Facebook, Instagram, Twitter and other social platforms of people posting their then-and-now profile pictures, mostly from 10 years ago and this year.

All of this started to take off after the start of the new year, and at its core, the 10-Year Challenge is a wholesome, socially acceptable way to brag about how hot you used to be, how hot you are now, or how hot you were and continue to be (you can also replace the word hot with other adjectives, like educated or married or unfathomably rich).

Within 10 years Lithuania has managed to transform itself from developing country in the Baltic states to a growing and thriving European FinTech Hub.

But what if we would use this challenge as an opportunity to take a look at then-and-now profile of a country? Many things should change in a given country in a course of 10 years.

Hence, I invite you to take a look at the transformation of Lithuania, my home country and my home, which I really love and cherish. 

Within 10 years Lithuania has managed to transform itself from developing country in the Baltic states to a growing and thriving European FinTech Hub.

Lithuania. Then & Now.

Take a look at the table below. You will see 12 comparison points, which were used to paint a profile picture of Lithuania then (2009) and Lithuania now (2019):

The given data paints a very promising picture. A country which once had its borders up till the Black Sea, despite all historical casualties and challenges, managed to rise, become stronger and now is at the forefront of financial & technological revolution.

No matter what the naysayers think and say, Lithuania is doing better than ever before. In fact, we are setting an example to follow, especially in the financial technology (FinTech) field. Bank of Lithuania together with Invest Lithuania are doing a brilliant job in attracting foreign players, increasing competition in the financial services and technology sectors and building the path towards Lithuania as a FinTech Hub.

A country which once had its borders up till the Black Sea, despite all historical casualties and challenges, managed to rise, become stronger and now is at the forefront of financial & technological revolution.

The graph below sums it all up elegantly:

In 2018, Lithuania was second only to UK in EU in issuing licenses for financial service providers. Among notable names, we have such players as Google, Revolut, Instaem, transferGo, Contis and others operating and employing people in Lithuania.

As a FinTech guy, I couldn't be more happy. This has brought and continues to bring new opportunities for the local and international talent, increased competition as well as quality of services for consumers and businesses, and nurtures positive and fertile environment for new ideas to be born.

What's Next?

The answer couldn't be more simple here - even brighter and more prosperous tomorrow. What we are seeing today is just the very beginning - the best is yet to come.

In 5 to 10 years time, Lithuania will not only be a European FinTech Hub. It will be one of the most technically advanced European nations with highly competitive financial sector and digital-first mindset everywhere.

Haven't been to Lithuania yet? Drop me a line!

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About: I am a business developer, sales professional, FinTech strategist, as well as Cryptocurrency and Blockchain enthusiast. I'm highly passionate about Financial Technology and Digital Innovation, and strongly believe that it will change the world for the better. Apart from my daily job at one of the leading alternative banking and payments providers in EEA, I'm an active member of FinTech community and a TechFin evangelist.

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