Lithuania aim to be Fintech hub, woos Indian cos to set foot

Lithuania is aiming to become a hub for financial technology companies and is hopeful that Indian startups in the domain will set foot in the European country, a diplomat said on Monday.

UK's Fintech startup Revolut has recently secured a banking license in Lithuania, the diplomat said, hinting at the potential a country with a population of as little as 3 million holds in the sector.

"Revolut has come to Lithuania. We are looking at becoming a Fintech hub. We hope that one day, India's leading Fintech companies will expand or relocate here," Ambassador of Lithuania in India, Julius Pranevicius said at a Bharat Chamber of Commerce-organised interactive session.

Lithuania offers a scheme known as 'sandbox' for Fintech companies, a key policy enabler, he said.

India, too, is working on a 'sandbox' policy, officials said.

Pranevicius said trade relations with India is likely to grow as both countries explore business opportunities.

There has been a sharp rise in the number of Indian students visiting Lithuania for higher studies, he said.

Bilateral trade between India and Lithuania stood at 165 million euros in 2017.