International financial consultant giant deVere Group is preparing to develop their first financial technology product in Lithuania. The UK company is planning to employ 10 specialists in their Vilnius office in the near future, and this number may soon increase significantly.
“We have chosen Lithuania for the development of the deVere E-Money system for several reasons. Firstly, we have heard about the flexible legal framework enabling financial technology companies to get operating licenses very quickly. Secondly, having arrived in Vilnius, we found out that everything we heard was true – government representatives as well as representatives of the Bank of Lithuania have a business oriented attitude and a guarantee that we will soon be able to perform global financial operations from Vilnius,” states Nigel Green, founder and Director General of deVere Group.
The company plans to start their operation in Vilnius by performing global electronic money and advanced payment card service operations. Thus, first of all, the company will employ specialists with experience in the financial service sector. Later on, they plan to develop software in Lithuania, as well.
The company’s to-be developed service will be meant mainly for travellers and expats constantly visiting countries with different currencies. The company maintains that card owners will get the best currency exchange rates through the service. Given the nature of the service, the company will firstly orient to the segment of payment cards. “Financial technology companies have recently become a desired catch for many world investment hunters. France flaunts the flexibility of their regulative framework, investment hunters from Singapore also raise ambitious plans in this sector. Lithuania hurried to create a good value proposition to fintech sector players, and now we have a growing advanced cluster that will increase with several investors in the near future,” states Mantas Katinas, Director General of the Foreign Direct Investment Development Agency Invest Lithuania.