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.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)