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The ascent of Lithuania as the fintech hub of Europe

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Lithuania, one of the three Baltic states in Eastern Europe, has emerged as a leading fintech hub globally. Despite its small population of just 2.8 million, it is now one of the most prominent fintech destinations in Europe, ranking second in the region and fourth worldwide. Recent statistics show a 24% increase in the number of fintech companies in Lithuania over the past year, with the number of jobs in the sector growing by over 30%.

Currently, approximately 270 fintech companies in Lithuania employ around 7,000 people. This rapid growth is primarily due to the sustained efforts of the Lithuanian government to create a supportive environment for fintech companies, considering them a top priority. The transformation has also been fueled by a robust collaboration between the government, the country’s banks, and various private firms, with the Bank of Lithuania playing a crucial regulatory role. The nation has adopted legislation aimed at fostering a fintech culture aligned with market needs, further driving sector growth. There is close cooperation between the central bank, the Agency for Science and Innovation, and the BCCS Cluster, a consortium that supports IT businesses and creates meaningful relationships between stakeholders.

5-Year Fintech Strategy

Lithuania recently unveiled a new 2023-2028 Fintech Strategy to solidify its position as Europe’s fintech hub. The strategy aims to:

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  • Support qualitative development of the fintech sector
  • Attract innovative fintech solutions
  • Establish Lithuania as a center of excellence for fintech
  • Ensure the country is a safe and reliable jurisdiction
  • Achieve universal recognition as a European fintech hub

The strategy includes performance indicators to ensure progress, such as facilitating a 30% annual fintech revenue growth rate, serving at least 35 million fintech clients, and reducing the number of fintech companies facing talent shortages to 30%, down from 62%.

Government Initiatives

The Lithuanian government has implemented several initiatives to support fintech growth, such as simplifying migration procedures for foreign professionals and encouraging cooperation between supervisory authorities and the entities they oversee. The government aims to create a unified ecosystem characterized by cooperation and mutual communication within the sector. Key organizations, including the Fintech Hub LT Association, Invest in Lithuania, the Bank of Lithuania, the Ministry of Finance, and major fintech companies, work together to address industry challenges.

Fintech is a strategic priority for the Lithuanian government, which has adopted a flat 15% corporate tax rate, one of the lowest in Europe. The country boasts a highly developed digital infrastructure, a growing pool of professionals with digital skills, and supportive employment laws that facilitate the hiring of foreign talent. The government also supports startups through investment funds, grants, and acceleration programs, with crowdfunding and venture capital funding options available for fintech companies.

Advantages for Fintech Companies

Key features of Lithuania’s financial services regime that encourage fintech growth include:

  • The ability to apply online and obtain an electronic banking license within about three months, compared to a minimum of 12 months in other EU countries.
  • Over 50% of fintechs in Lithuania are licensed as electronic money institutions, payment institutions, or specialized banks, the highest rate in the EU.
  • Transparent regulations governing the financial services sector.
  • Lithuania ranks eighth lowest in financial risk for money laundering worldwide.
  • A Center of Excellence dedicated to refining anti-money laundering (AML) legislation.

According to a recent Business Service Report by Invest Lithuania, Vilnius, Lithuania’s capital, has gained significant recognition as a tech powerhouse over the past decade. Notable companies such as Revolut, Unity, Vinted, and Nord Security have established themselves in the city, enhancing its reputation in the tech industry.

Top 10 Fintech Companies in Lithuania

  1. DappRadar – A platform for discovering and analyzing blockchain-based decentralized applications.
  2. Interactio – A mobile app-based live translation solution.
  3. Ondato – A tech enterprise handling KYC and AML-related processes.
  4. Paysera – Offers banking channels and issuer processing solutions.
  5. PeerBerry – An alternative investment platform focused on secondary market investments.
  6. Bankera – Aims to become a fully functional banking service provider operating on Blockchain.
  7. W1TTY – A mobile-based platform providing digital payment solutions.
  8. WhiteBIT – A cryptocurrency exchange and trading platform.
  9. HeavyFinance – An online lending P2P marketplace for farm loans.
  10. kevin – Provides payment infrastructure for online and physical sales.

Lithuania’s strategic efforts and supportive environment have propelled it to the forefront of the global fintech landscape, setting new standards for efficiency and innovation in the sector.

Source: bankingfrontiers.com

The post The ascent of Lithuania as the fintech hub of Europe appeared first on HIPTHER Alerts.

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China remains stabilizing force for global economic growth

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BEIJING, July 20, 2024 /PRNewswire/ — A report from People’s Daily: In the first six months of this year, China’s economy continued its recovery trend and maintained steady progress.

On July 16, the International Monetary Fund (IMF) released an update to its World Economic Outlook, predicting that China’s economic growth rate will be 5 percent in 2024, an upward revision of 0.4 percentage points from the forecast in April.

The stable operation and long-term positive outlook of the Chinese economy have also boosted confidence in global economic recovery.

The IMF believes that Asia’s emerging market economies, represented by countries including China, remain the main engine of the global economy.

China’s economic growth is not only quantitative but also qualitative.

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In the first half of this year, China’s gross domestic product (GDP) grew 5 percent year on year to around 61.7 trillion yuan ($8.49 trillion).

During the period, the country’s total retail sales of consumer goods went up 3.7 percent year on year, with retail sales of services expanding 7.5 percent; investment in infrastructure construction rose 5.4 percent from a year ago while manufacturing investment increased 9.5 percent, signaling burgeoning recovery; and the foreign trade reached a new high, with the goods trade volume reaching 21.2 trillion yuan.

From a medium to long-term perspective, the economic fundamentals that sustain China’s long-term growth remain unchanged, and the trend toward high-quality development in China’s economy has not changed.

China continues to be an important engine and stabilizing force for the world economy.

Facing complex and volatile domestic and international environments, China has maintained stable expansion of its economy and pushed forward industrial upgrading and high-quality development in an orderly manner, spurring the pursuit of high value-added and sustainable economic growth.

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Positive factors driving China’s economic transformation, upgrading, and high-quality development have continued to accumulate.

For instance, the country’s output of smart and green products, such as integrated circuits, service robots, new energy vehicles, and solar panels has maintained double-digit growth in the first half of this year.

Besides, the emergence of new consumption scenarios spawned by new technologies like big data and artificial intelligence as well as new consumption models has driven an 8.8 percent year-on-year increase in China’s online retail sales of physical goods during the period.

Meanwhile, China’s energy consumption per unit of GDP has continued to decline.

“With the global economy facing uncertainties and challenges, China’s role as a stabilizing force is more crucial than ever,” pointed out a recent article by Zamir Ahmed Awan, founding chair of Pakistani think tank Global Silk Route Research Alliance.

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China’s efforts to deepen reforms across the board have injected strong momentum into the country’s high-quality development and pursuit of Chinese modernization.

Since the 18th National Congress of the Communist Party of China (CPC), China has deepened reforms across the board, with efforts concentrated on making reform more systemic, holistic, and coordinated and on stimulating the dynamism, vitality, and potential of high-quality development.

International observers have paid close attention to the third plenary session of the 20th CPC Central Committee. They believe that China’s economy is undergoing a transition from old to new drivers of growth, and that a smooth transition can be guaranteed by further deepening reforms in a comprehensive manner.

Iqbal Survé, chairman of South Africa’s Independent Media, pointed out that China is building a modern industrial system underpinned by advanced manufacturing and pushing forward reforms, which demonstrates the CPC’s foresight, wisdom, courage, and resolve.

By solidly promoting high-standard opening up, China has opened up vast space for economic development.

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During the first six months of this year, China has for the first time released a negative list for cross-border trade in services at the national level, expanded the opening up of value-added telecom services within pilot areas, and introduced new measures to encourage overseas institutions to invest in China’s domestic sci-tech enterprises…

Such policies and measures have demonstrated the country’s resolve to promote reforms and development through opening up.

China is the main trading partner of over 140 countries and regions, with its total volume of foreign trade in goods ranking first globally for seven consecutive years.

China has expanded its circle of friends under the Belt and Road Initiative (BRI) to include more than 150 countries and 30 international organizations, and the ChinaEurope freight train service now reaches over 200 cities in 25 European countries.

In addition, international exhibitions hosted by the country, such as China International Import Expo, China International Fair for Trade in Services, China International Consumer Products Expo, and China International Supply Chain Expo, have served as win-win platforms for mutually beneficial cooperation across different countries.

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A prosperous China not only sustains its own future but also provides opportunities for other countries, said an article published on the website of Argentine newspaper Clarin.

The Chinese economy is overcoming challenges and moving steadily forward along the country’s path of high-quality development, which is a defining feature of Chinese modernization.

Looking forward, China will provide more opportunities for countries worldwide and contribute to the stable and sound development of the global economy as it continuously marches toward modernization.

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RoboSense Sales Volume of LiDAR for ADAS Achieved 487.7% YOY Growth in H1 2024

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HONG KONG, July 19, 2024 /PRNewswire/ — Recently, RoboSense announced its business progress for the first half year of 2024, demonstrating a high-growth trajectory and maintaining its leadership in the global market. For the six months ended June 30, 2024, RoboSense’s sales volume of LiDAR products and LiDAR products for ADAS applications amounted to approximately 243,400 and 234,500 units, separately reflecting a year-on-year increase of 415.7% and 487.7%.

As OEMs rapidly pursued advancements in intelligent technology, RoboSense achieved nearly its 2023 annual sales volume in the first half year of 2024. RoboSense and the global automotive industry’s intelligent upgrade are progressing and succeeding together. This exponential growth underscores RoboSense’s exceptional capabilities in technological innovation and market expansion, reinforcing our trajectory of outstanding growth as an industry leader.

As of June 30, 2024, RoboSense’s cumulative sales volume of LiDAR have reached approximately 583,500 units, with LiDAR for ADAS approximately 518,300 units. Since pioneering the mass production of LiDAR for ADAS in 2021, RoboSense has demonstrated significant growth, with steadily increasing sales that continue to lead the industry’s development.

Leveraging its powerful LiDAR hardware and perception software technology, as well as leading product performance, RoboSense has made remarkable progress in obtaining vehicle model designs and achieving mass production for various vehicle models. As of May 17, 2024, we have received mass production designation orders for 71 vehicle models from 22 global OEMs and Tier 1 customers. By the end of the first quarter of 2024, we have achieved SOP 25 vehicle models from 12 of these customers.

At the 2024 Auto Beijing Show, RoboSense ranked No.1 with equipment for 37 models, and its occupation was over 50%. As more collaborative vehicle models launch and reach mass production, RoboSense repeatedly shatters records.

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In technological innovation and product development, RoboSense continues to launch powerful and technologically advanced products that drive industry progress. In 2024 Q2 and Q3, RoboSense launched the M3, a long-range LiDAR, and the MX, a medium-range LiDAR. In particular, MX gained three new mass production projects shortly after its release, and is expected to realize its first mass production in 2025.

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KuCoin Introduces Omnibus Account Structure to Enhance Liquidity for Brokerage Partners

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VICTORIA, Seychelles, July 19, 2024 /PRNewswire/ — July 23, 2024 – KuCoin, a leading cryptocurrency exchange, is pleased to announce a significant enhancement to its Broker Program, designed to cater to liquidity-seeking partners. This upgraded program enables participants to leverage KuCoin’s superior liquidity and diverse asset offerings across both Spot and Futures markets. With this enhancement, participants can now benefit from KuCoin’s top-tier liquidity, high-revenue shares, unlimited sub-accounts, and independent deposit addresses, allowing for functional flexibility and maintaining their own client management powers.

“Our new brokerage infrastructure is suitable for multiple types of institutional partners, such as crypto exchanges, execution terminals, layer 2 aggregators, OTCs, and traditional financial service providers venturing into crypto,” said Anton Starchenko, Director of Institution Business Development of KuCoin. 

“This upgrade demonstrates our commitment to providing our partners with the tools they need to succeed in the rapidly evolving crypto market.”

By joining the KuCoin brokerage service, brokers gain access to one main broker account with unlimited sub-accounts. Each sub-account features an exclusive deposit address, serving as a wallet to separate funds and trades. Additionally, each sub-account undergoes independent risk checks. These ongoing risk and compliance measures bolster KuCoin’s commitment to protecting partner interests. Broker accounts are subject to separate fee structures, while the broker receives a combined commission based on the cumulative volume across all accounts.

As a leading platform in the cryptocurrency industry, KuCoin is dedicated to providing top-notch security and reliability. The platform employs state-of-the-art security measures, including advanced encryption protocols, multi-factor authentication, and real-time monitoring systems to ensure the safety of users’ assets. KuCoin’s unwavering focus on security and innovation has solidified its reputation as a trusted and forward-thinking exchange in the global crypto market.

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For more information about the KuCoin Broker Program and the new omnibus account structure, please visit KuCoin’s official website.

About KuCoin

Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/ .

Contact Us to Join

Telegram: @KuCoin_Broker

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Email: [email protected]

Book a Product Call here.

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