The Lithuanian Fintech sector is taking significant steps towards gender equality, as exemplified by recent recognitions of women in the industry. At the annual Lithuanian Fintech Awards, Vaiva Amule, the Head of Fintech Hub LT association, was awarded as a Fintech Leader of the Year.
Worth mentioning, Vaida Markeviciene, Vice-Minister at the Ministry of Finance of the Republic of Lithuania, and Jekaterina Govina, former Executive Director of Supervision Service at The Bank of Lithuania, were nominated the finalists in the Fintech Leader of the Year category too.
Asta Grigaityte, the Chairwomen of the association, became the first Lithuanian ambassador in the European Women Payments Network. In addition, Erika Maslauskaite and Inga Karulaityte, both Board Members of Fintech Hub LT, and Vaiva Amule were invited to become members of the organization. These women are leading by example in the industry and paving the way for future generations of female leaders.
Female leaders in Fintech to encourage women to be more confident
Despite some progress, the gender pay gap in Lithuania remains a significant challenge. The State Data Agency of Lithuania reported a gap of 12.1 percent in 2020, and the pace of closing the gap has slowed in recent years.
Asta Grigaityte, as the newly appointed European Women Payments Network ambassador for Lithuania, believes that women's confidence plays a role in perpetuating the gap. With fewer female managers in leadership positions, women are less likely to apply for management positions. She intends to use her position to promote opportunities for women and encourage them to take a more proactive role in advancing their careers.
The gender pay gap is most pronounced in financial and insurance companies, including those in the fintech sector, where the gap stands at 33.8 percent. Nevertheless, the annual Fintech Landscape in Lithuania Report indicates progress, with 43 percent of employees in fintech companies being women, and 34 percent of women holding leadership positions.
Lithuania is a leader in the European Union regarding the number of fintech licenses issued and is one of the world's least risky jurisdictions regarding money laundering, ranking sixth on the Basel AML Index. The fintech sector in Lithuania employs approximately 7,000 people across 263 companies, contributing to the country's growing reputation as a center of innovation in financial technology.