The Pandemic in Lithuania: how are fintech businesses coping?

When the Pandemic struck almost one year ago, every business owner was questioning what will happen. Everyone knew that this situation would affect many businesses, and everyone was trying to brace for the impact as best as they could. Now, as we are in this for quite a while, almost the whole calendar year, let’s take a look at how Lithuanian-based fintech businesses are coping and surviving in this environment.

The effects

As expected and proposed, the travel sector was affected the most. Since the borders shut, and international restrictions took place, the number of travelers fell dramatically, thus bringing in more uncertainty on a world-wide scale. 

Back, when the first wave hit, Lithuania was one of the first countries in Europe to announce the lockdown, even though it wasn’t affected by the virus as much as some other countries. And that decision led to many businesses switching to operation on the Internet which actually, helped the Fintech businesses grow tremendously.

Even though these times might look like a “Golden Age” for businesses in Lithuania, one must remember that business law firm fintech solutions will and do effectively help the players in this sphere, and the choice of the right firm should be taken very seriously, in order to grow during these weird times.

The majority of fintech businesses are showing resilience

As the Pandemic stormed the World, Lithuania still remained a very attractive market for fintech. And many of them chose this Baltic Gem due to the Brexit, which was bringing in some additional stress and uncertainty at the time.

Despite all of the things going on in the world, Lithuanian-based fintech businesses remained quite resilient. According to the data gathered from the Bank of Lithuania, the digital payments and transactions grew 1.6 times.

How to stay safe regardless?

As many businesses, Fintech or not, are striving to stay safe during these uncertain times, it is imperative to stress, that the right choice of the law firm in Lithuania could be game-changing. This choice can lead to a thriving and active business, or make the business go under. So, this choice should be considered with extreme caution and attentiveness. Also, the right firm will help in any case, regardless. Be it Pandemic, or the usual times.

All in all, we must stress, that with the right partners, business moves will be much easier. So, one should make their choice with their business in mind.