“This strategic partnership not only provides economic benefits, but also strengthens the security and resilience of both of our countries with similar values. I am extremely happy to see how the Lithuanian-Taiwanese partnership blossoms. This is teamwork and I am very proud to be part of this Lithuanian-Taiwanese team,” said Constance Wang, head of the Taiwanese representation in Lithuania, at the investment commemoration event held on Monday.
According to her, Taiwanese investments in semiconductor manufacturer Teltonika, renewable energy company SoliTek, laser manufacturer Oxipit and other companies were the beginning of economic cooperation between Lithuania and Taiwan, and this investment marks a new stage in bilateral relations.
C. Wang also noted that this 10 million The US dollar investment is the largest since the foundation of the fund in 2022.
“When talking about our partnership, we must remember that the foundation of our partnership is our values, especially democracy. (…) Crises in various regions of the world remind us that now it is more important than ever for democracies to stand together against authoritarian regimes. The partnership between Taiwan and Lithuania is the best example of that,” emphasized the head of the Taiwanese representation.
Speaker of the Seimas Viktorija Čmilytė-Nielsen also emphasized that this investment not only ensures further economic cooperation between the countries, but also promotes the technological progress of both countries.
“I am especially happy that this investment is in the financial technology sector – an area that Lithuania particularly values. This investment will further our dedication to growing this critically important sector. (…) It is clear that the opportunities for cooperation between Lithuania and Taiwan are wide, and this investment is morally particularly important for “TransferGo”, but at the same time it is of great importance for the entire Lithuanian business sector, as it creates opportunities for even greater cooperation and investments in the future”, – said V. Čmilytė-Nielsen.
According to the head of the Seimas, such investments and cooperation strengthen both the economic and mutual relations between the societies of Lithuania and Taiwan. According to the parliamentarian, Lithuania is determined to remain a strong partner of Taiwan and other democracies of the Indo-Pacific region.
For his part, the founder of TransferGo, Daumantas Dvilinskas, speaking about this investment by the Taiwanese fund, emphasized its significance in strengthening the global financial technology market.
“Development will be (carried out – ELTA) in two areas. This is product development, we will hire more people in Lithuania, Poland and Europe. These are engineers, product people, design, as we continue to expand the product portfolio. And the next direction of development is to Asia. For payments to Asia and later for shipping from Asia”, D. Dvilinskas told Elta after the event.
According to the head of the startup, the company became profitable only last year, so such investments, according to him, were not purposefully sought.
“It was more of an opportunistic thing. We are not looking for investments in the near term, we have enough capital for the next 3-4 years. (…) We are expanding into new markets. Today there is Asia, but there is also Africa, central Asia, which are our growth markets, as well as Latin America. We connect Europe methodically with the main centers of the world”, explained D. Dvilinskas.
When asked why Taiwan chose “TransferGo” when investing in Lithuania for the first time in the financial technology sector, D. Dvilinskas said that the country appreciates the positive social change created by the company in the world.
“I think there is a part of the social impact that we create. The hundred million a year we give to the people who send that money home, that’s a huge social difference. We remove taxes from inflation, facilitate financial integration for tarot people. I think that there is not only a business part here, but also a social, macroeconomic part,” said the head of TransferGo.
According to D. Dvilinskas, talks about this investment started at the end of last year, after the company’s delegation went to Taiwan, and the investment itself was made in April of this year.
TransferGo, a fintech company operating for more than 11 years, provides international money transfer services. The company currently operates in 160 countries and has more than 7 million employees. customers. TransferGo has more than 360 employees, and the company’s main offices are located in London and Vilnius.
Tags: million Lithuanian startup TransferGo dollar investment Taiwan fund
