Lithuania Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in lithuania, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Fintech
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Major companies including IBM, Western Union, and Nasdaq have established a presence in Lithuania to capitalize on the strong business services sector.   Lithuania‘s comparative advantages in business services, ICT, and financial compliance, supports growth in the spinoff fintech sector, and the country has attracted increasing numbers of foreign fintech startups.  The explosion in the number of fintech firms choosing Lithuania as their new hub can be attributed to the creation of a regulatory sandbox by the Bank of Lithuania and streamlined regulatory processes.  Available to both existing authorized financial institutions and start-ups, the sandbox aims to provide a platform for firms to test innovation before bringing a product to market, ensuring no crucial errors when it reaches the hands of consumers. The number of jobs in the sector rose 48% in 2021 to almost 6,000. And according to projections, the number of fintech companies is expected to rise again in 2023 by 15 percent. Most of these new jobs would be focused on IT, software development, compliance and AML and business development.

Opportunities

In recent years Lithuania has proved to be very appealing as an EU destination for fintech development.  For U.S. fintech companies considering expanding their business, Lithuania has the ability to deliver three critical factors: regulation, infrastructure, and talent.

Resources

Innovation Agency

Invest Lithuania

Bank of Lithuania  

 

 

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Global Business Navigator Chatbot Beta

Welcome to the Global Business Navigator, an artificial intelligence (AI) Chatbot from the International Trade Administration (ITA). This tool, currently in beta version testing, is designed to provide general information on the exporting process and the resources available to assist new and experienced U.S. exporters. The Chatbot, developed using Microsoft’s Azure AI services, is trained on ITA’s export-related content and aims to quickly get users the information they need. The Chatbot is intended to make the benefits of exporting more accessible by understanding non-expert language, idiomatic expressions, and foreign languages.

Limitations

As a beta product, the Chatbot is currently being tested and its responses may occasionally produce inaccurate or incomplete information. The Chatbot is trained to decline out of scope or inappropriate requests. The Chatbot’s knowledge is limited to the public information on the Export Solutions web pages of Trade.gov, which covers a wide range of topics on exporting. While it cannot provide responses specific to a company’s product or a specific foreign market, its reference pages will guide you to other relevant government resources and market research. Always double-check the Chatbot’s responses using the provided references or by visiting the Export Solutions web pages on Trade.gov. Do not use its responses as legal or professional advice. Inaccurate advice from the Chatbot would not be a defense to violating any export rules or regulations.

Privacy

The Chatbot does not collect information about users and does not use the contents of users’ chat history to learn new information. All feedback is anonymous. Please do not enter personally identifiable information (PII), sensitive, or proprietary information into the Chatbot. Your conversations will not be connected to other interactions or accounts with ITA. Conversations with the Chatbot may be reviewed to help ITA improve the tool and address harmful, illegal, or otherwise inappropriate questions.

Translation

The Chatbot supports a wide range of languages. Because the Chatbot is trained in English and responses are translated, you should verify the translation. For example, the Chatbot may have difficulty with acronyms, abbreviations, and nuances in a language other than English.

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