China’s Paytend opens European HQ in Lithuania
The love for Lithuania shows no sign of subsiding as China’s Paytend Technology has chosen the capital Vilnius for its European headquarters.
In a boost to the Baltic nation, the company plans to hire up to 50 staff in the fields of sales marketing, compliance, product development and customer support over the next three years. It will operate via its subsidiary Paytend Europe.
The reason for this choice is clear.
“Obtaining an electronic money institution licence from the Bank of Lithuania was a straightforward, transparent and efficient process,” Junqing Li, CEO of Paytend Europe, says. “As newcomers, we found the required support starting from the initial phase. Lithuania has proven to be the right choice for our European headquarters.”
As reported in July, the Bank of Lithuania introduced a procedure which allows companies to apply remotely for fintech licences. The country is home to more than 120 fintech companies.
Virginijus Sinkevičius, Lithuania’s Minister of Economy, explains: “At least five Chinese fintech companies have been licensed by the Bank of Lithuania. On the one hand, China is one of the most prominent countries when it comes to swapping traditional payment methods – cash and credit cards – for mobile payments and other modern fintech solutions.
“This results in Chinese companies having accumulated immense competency which is brought to the Lithuanian market. On the other hand, the emerging opportunities to pay for goods and services in an easier, cheaper and safer way creates better conditions for local companies that want to increase their export sales to China.”
Staying on the theme of lively Lithuania, FinTech Futures recently attended Fintech Inn 2018 to find out why the nation has enlisted the Stig. Yes, really.