UNPay and President of Lithuania In Talks on Possible Fintech Cooperation

November 11, 2018 - 14:18
UNPay and President of Lithuania In Talks on Possible Fintech Cooperation

SINGAPORE / SHANGHAI, CHINA - MediaOutReach - 7 November 2018 - UNPay and the President of Lithuania, Dalia Grybauskaitė, had afruitful discussion yesterday on the future of financial technology (fintech) atThe China-Lithuania Economic Cooperation Forumand the China-Lithuania Financial Science and Technology Cooperation.

UNPay founder and CEO, Zhang Zhenghua, in discussion with President of Lithuania, Dalia Grybauskaitė


The forum─which was jointlyorganised by the Embassy of the Republic of Lithuania and the InternationalCooperation Society of the Ministry of Commerce, marked the start of the firstday of enterprise cooperation, at the inaugural China International Import Expo(CIIE). The CIIE which was opened by ChinesePresident Xi Jinping on Monday, aims to bring together more than 3,000 foreigncompanies from 130 countries, linking them up with potential buyers from China.


UNPAY founder and CEOZhang Zhenghua, was invited as a representative from one of the world's leadingfintech companies. He was cordially received by Lithuania President, DaliaGrybauskaite, board member of Lithuanian Bank (Central Bank) Mariyo S.Jergilas, and general manager of a Lithuanian company, Diana Clebona. The partythen continued to have in-depth exchanges on the development of fintech collaborationsbetween China and Lithuania.


During the meeting withPresident Grybauskaite on the first day of CIIE, President Xi pointed out that Lithuaniais an important country in the Baltic region and a vital partner of China inCentral and Eastern Europe. President Xi also stressed that with China'semphasis on the development of neutral relations, Lithuania, which has obviousregional advantages, can play an important role in Asia-Europe interconnections.


President Xi mentionedthat China is dedicated to strengthening the strategy and cooperation of theBelt and Road initiative (BRI), especially in the construction of the railway systems betweenCentral Asia and European countries, the "Three Ports", as well as expand two-way investments in e-commerce, financialtechnology, new energy and agriculture. President Grybauskaite reaffirmed Lithuania'scommitment to economic and trade cooperation with China by personally leading adelegation to participate in the CIIE, and was the first to meet with PresidentXi.


Marius Jugilis, a boardmember of the Bank of Lithuania (Central Bank), expressed Lithuania's ambitionto become a "financial technology centre" in the Nordic-Baltic region. Thismeans that Lithuania will become the gateway for China and the world'senterprises to enter Europe.


During the round-table discussion,Zhenghua, Marius Jugillis and a few leaders of well-known enterprises like YixinGroup, participated in deep discussions on the development of financial scienceand technology in the two countries. Zhenghua said that looking at the current internationalmarket, Lithuania is deemed to be a high potential fintech stock that has beenoverlooked, in terms of regulatory support, corporate tax rate or talentreserve.  


In his recommendationsto help Lithuania develop its fintech and attract quality enterprises, Zhenghuahighlighted that UNPay would not only provide payment services to the Lithuaniangovernment, empower the local enterprises, share resources of other countrieson its network, it would also share its proprietary technology and experience withthe country.


"We rely onChina's leading cumulative experience and implementation of financialtechnology in payment. As one of the first few fintech companies to startoperations in Europe, we are honoured to participate in the development of fintechin Lithuania, and to build it up as the cross-border, fintech capital of Europeand beyond. At the same time, we hope to establish an extensive, cross-borderfinancial data centre, leveraging on AI, big data and other technologies",Zhenghua expressed.


"Once this cross-borderfinancial data centre has been established, international transfers andexchanges from Europe will commence. The flow of capital trade will change, andthis is the opportunity for the future of fintech between China and Lithuania,"Zhenghua added.