Skip to content
Workland
Home Locations Solutions Member Stories Bookings Events Blog About

BCCL and the Fintech world: The Chamber's contribution in strengthening the Fintech community

Workland

January 24th, 2022

Share

Rasa Ščiukinaitė, the CEO of British Chamber of Commerce in Lithuania - Workland member and partner, shares her perspective on how Fintech, as one of the fastest-growing areas, will upgrade our experience in doing business.

The British Chamber of Commerce in Lithuania (BCCL) realises the importance of Fintech in the daily lives of businesses and consumers. BCCL hopes, alongside a large Fintech community that includes start-ups and successful companies, that in-depth discussion and mutual cooperation will lead to the full adoption of new systems for doing business.

There are promising processes in society to accept new technological changes. However, there is still a long way to go to integrate Fintech into consumers' lives, political society and the banking sector.

According to the Digital Economy and Society Index, Lithuania is still ahead of most European countries when implementing digital changes. However, when it comes to small and medium-sized enterprises, and I am talking about at least a basic level of digital integration in daily operations, we are below other European countries. Therefore, we need to address this problem and find solutions and implementation procedures to achieve better results.

This is where the Fintech community and the Chamber of Commerce come in to create opportunities to exchange ideas and stimulate change at all levels of society. Today it is clear that Fintech is the future of any financial system. Studies by the European Central Bank, the Dutch Central Bank and the German Federal Bank (Deutsche Bundesbank) have shown us that, given a choice, almost half of the consumers in the eurozone would prefer to pay with cashless means of payment. Today, our task is to facilitate the transaction process for the consumer and find reliable cooperation with government institutions and existing banking systems. It is essential to achieve a healthy coexistence at all levels to move into the future.

Digital technology is applicable to many sections of the financial area. Innovation in the fixed income market has been largely absent since the early 1990s. We are working with outdated methods in the technology-rich 21st century. This is particularly true of operational and syndication processes. Better use of digitisation would make these markets more efficient.

Of course, technology alone cannot solve financial fragmentation in Europe, which remains high, but it is a way to push in the right direction. Therefore, small and medium-sized enterprises, together with the British Chamber of Commerce in Lithuania, want to be prepared and be part of technology's changes. I firmly believe that our society has only just begun to explore the possibilities opened up by digitalisation. The operating models of businesses and public institutions will be fundamentally modernised. Fintech can further disrupt capital markets and the way investors behave forever.

You never change things by working with the existing reality. To change something, you need to change the reality. Making a difference today means laying the foundations for a better business environment tomorrow.

 

Rasa Ščiukinaitė,
Executive Director of the BCCL

Other Blog Posts

How Coworking Changed Work Forever: Celebrating International Coworking Day

International Coworking Day, celebrated on August 9th, is an annual event that recognizes and promotes the global coworking movement. This day not only highlights the benefits and evolution of coworking spaces but also brings attention to the communities and innovation these spaces foster. Here is an engaging and informative look at the concept, history, and impact of coworking.

Workland

August 8th, 2024

How to Find the Perfect Workspace: 5 Key Considerations for Your Next Office

As autumn ushers in a renewed focus on productivity, many companies take this time to evaluate their workspace needs. The changing seasons often highlight the need for adjustments, especially in professional environments. Office searches tend to pick up pace in the fall and winter, particularly as the new calendar year approaches. To ensure a smooth and efficient office search, it’s essential to understand the key factors that will influence your decision. Here are five critical considerations to keep in mind when selecting a workspace for you and your team.

Workland

September 30th, 2024

Top Startups to Watch in Estonia in 2025

Estonia continues to establish itself as one of Europe's leading startup hubs. With a population of just 1.3 million people, the country has produced several notable technology companies. In 2023, Estonian startups raised over €1.4 billion in investments, demonstrating the strength of the ecosystem. The country's digital infrastructure, e-Residency program, and supportive business environment have created fertile ground for innovation across multiple sectors. This overview presents eight Estonian startups that are expanding internationally and solving significant global challenges. These companies represent diverse fields - from sustainable transportation and financial technology to advanced materials science and biotechnology - showcasing why Estonia has earned its reputation as one of the world's most dynamic startup nations. Let's explore these innovative companies shaping the future of technology and sustainability.

Workland

February 5th, 2025