An Assessment of Lithuania’s Financial Technology Development

The Lithuanian financial technology (referred to as FinTech) sector is one of the fastest-growing financial technology centers in Europe; however, this sector faces economic, regulatory, and technological challenges that hinder its development. This article aims to assess the state of development of Lithuania’s FinTech sector, identify the main challenges, and provide recommendations to promote the development of the sector. This study uses quantitative indicators, inter-criteria correlation, multi-criteria evaluation methods, and SWOT analysis. This article’s results will help identify the key factors that influence the growth of the FinTech sector in Lithuania and will be useful in shaping the sector’s further development strategy. The results of this study revealed that factors such as favorable regulation influence the FinTech sector in Lithuania the most, strengthening the innovation ecosystem and attracting international investments. However, the sector still faces challenges such as a lack of skilled labor, ensuring cybersecurity, and constant regulatory adaptation to new technologies. Based on the results of this study, it is recommended to pay more attention to educational programs aimed at training technology specialists, to promote cooperation between the public and private sectors, and to further improve the regulatory environment to ensure the sustainable and safe development of FinTech.