Business and science: Finance Lab to boost professional growth of much needed specialists

On Thursday, Metso Outotec FinanceLab opened its doors at Vilnius Gediminas Technical University (VILNIUS TECH). Finance and economics students will study in the FinanceLab using the latest research tools. Minister of Economy and Innovation Aušrinė Armonaitė, who attended the opening event, hopes that the laboratory will not only deepen the students' academic knowledge, but also develop professionals who will contribute to the growth of the Lithuanian business and financial sector.

During the opening ceremony, Ms Armonaitė pointed out that the promotion of the business and financial sector in Lithuania is one of the state's priority areas. Therefore, the establishment of innovative methods to train specialists in higher education institutions will eventually help create value.

“For Lithuania to continue the rapid development of the financial technology sector, the country needs professionals with theoretical and practical knowledge through the state-of-the-art learning methods offered by the FinanceLab. I hope that we can stimulate more interest in financial engineering and technology, increase the innovation potential and develop the skills of young professionals. This is essential for our country's competitiveness,“ Minister Armonaitė said.

The FinanceLab set up by Metso Outotec, a global leader in the mining and aggregates industries, will give students exclusive access to the Bloomberg information system, which will provide the most up-to-date financial information, real-time monitoring of financial markets and news, analysis of professional research, and the ability for students to make their own forecasts. The Bloomberg system is considered by many to be the gold standard in the financial industry and it is used by more than 300,000 professional investors and other specialists worldwide.

VILNIUS TECH Rector Prof. Dr. Romualdas Kliukas notes that the adoption of modern technologies by universities is an effective way to improve the quality of studies, compete with foreign universities for the best students and produce competitive specialists. However, sustainable cooperation between science and business is essential in order to prepare tomorrow's professionals using modern methods.

“I am pleased that Lithuanian companies are getting involved in funding projects that give students the opportunity to acquire practical skills needed for the labour market. Collaboration between science and business is a win-win situation: students get up-to-date knowledge and skills that are valued in the labour market, while employers get qualified employees. The FinanceLab will enable students to understand financial technologies, interpret information and successfully address the financial challenges not only of business in general, but also those of the country,“ Rector Kliukas said.

The Lithuanian financial market is constantly expanding and the need for specialists is growing. According to Invest Lithuania's research on the financial technology sector, Lithuania's fintech attracted a record amount of investment last year, with the number of companies in the sector increasing by 13% and the number of employees up by almost 50%.

“We at Metso Outotec are proud of being part of the exponential growth of the financial sector in Lithuania in the recent years. Our operations have grown to over 200 finance professionals since 2019. Within finance we are globally seeking innovation and digitalisation and hence, there is a growing demand for competent specialists. While Lithuania's professionals are recognised as talented and hard-working, a successful future for business requires investment in even more competent and flexible professionals. The modern finance laboratory demonstrates Metso Outotec’s commitment to Lithuania and we believe it will help train specialists with an information edge and will effectively complement the Lithuanian labour market,” says Eeva Sipilä, CFO of Metso Outotec.

Metso Outotec is a frontrunner in sustainable technologies, end-to-end solutions and services for the aggregates, minerals processing and metals refining industries globally. Metso Outotec is committed to limiting global warming to 1.5°C with Science Based Targets. Headquartered in Helsinki, Finland, Metso Outotec employs over 15,000 people in more than 50 countries and its sales for 2021 were about EUR 4.2 billion. The company is listed on the Nasdaq Helsinki. In Lithuania, the company has opened a global business services center in Vilnius and currently employs 280 finance and logistics professionals. Metso Outotec also has a rubber plant in Šiauliai, where currently employs 140 people.