Seoul Fintech Lab and the Embassy of Lithuania in South Korea successfully hosted the „Fintech Startup European Expansion Seminar,” aimed at assisting Korean fintech companies in entering the European Union (EU) market. The Lithuanian delegation, including Lucas Jakubonis, Liutauras Žilinskas, Andrius Sankauskas, and H. Michael Chung, introduced the country’s fintech industry environment and national-level support benefits, making it an optimal hub for European market entry. Over 20 leading teams from the Korean fintech industry participated in the event, including Korean fintech startups, financial holding companies, and companies affiliated with Seoul Fintech Lab.
The seminar began with an introduction to Seoul Fintech Lab, an entrepreneurial support facility established by Seoul to prepare for the digital transformation of finance. Since its opening in 2018, it has supported and nurtured over 250 companies, attracted KRW 72.8 billion in investments, achieved KRW 159.2 billion in revenue, and created 825 new jobs.
Liutauras Zilinskas, senior investment promotion officer at Invest Lithuania, presented on Lithuania’s fintech environment and the benefits provided to fintech companies, highlighting its suitability as an ideal country for European expansion. A Q&A session lasting over 40 minutes confirmed the determination of Korean fintech startups to enter Europe and the Lithuanian delegation’s commitment to attract them.
The Baltic states and East Asian nations hold significant potential for cooperation within the fintech sector. Both regions boast dynamic economies, technological prowess, and a commitment to innovation. Collaborations could focus on knowledge exchange, joint ventures, and cross-border partnerships, fostering advancements in payment systems, blockchain, digital banking, and cybersecurity.
Shared interests in financial technology, coupled with complementary strengths, create an environment ripe for mutually beneficial cooperation, driving innovation and enhancing the financial landscapes of both the Baltic states and East Asia.
