„This strategic partnership not only brings economic benefits but also strengthens the security and resilience of our countries, which share similar values. I am thrilled to see the partnership between Lithuania and Taiwan blossoming. It is a team effort, and I am very proud to be part of this team between Lithuania and Taiwan,“ said Constance Wang, Head of the Taiwanese Representation in Lithuania, at the investment celebration event on Monday.
According to her, Taiwan's investments in semiconductor manufacturer Teltonika, renewable energy company SoliTek, laser manufacturer Oxipit and other companies marked the beginning of economic cooperation between Lithuania and Taiwan, and this investment marks a new stage in bilateral relations.
Ms Wang also noted that the EUR 10 million investment in the company's subsidiary in China was a new milestone in the new relationship. The USD 10 million investment is the largest since the fund was established in 2022.
„As we talk about our partnership, we must remember that at the heart of our partnership are our values and, in particular, our democracies. (...) Crises in different regions of the world remind us that it is now more important than ever for democracies to stand together against authoritarian regimes. The Taiwan-Lithuania partnership is a prime example of this“, said the Head of the Taiwanese Delegation.
Viktorija Čmilytė-Nielsen, Speaker of the Seimas, also stressed that this investment ensures further economic cooperation between the two countries and promotes technological progress in both countries.
„It is particularly pleasing that this investment is in the financial technology sector, which Lithuania particularly values. (...) It is clear that the opportunities for cooperation between Lithuania and Taiwan are vast, and this investment is morally important for TransferGo. At the same time, it is of great significance for the Lithuanian business sector as a whole, as it creates the potential for even greater cooperation and investment in the future,“ said Čmilytė-Nielsen.
According to the Speaker of the Seimas, such investment and cooperation strengthen the economic ties between Lithuanian and Taiwanese societies. Lithuania is determined to remain a strong partner of Taiwan and other Indo-Pacific democracies.
For his part, Daumantas Dvilinskas, the founder of TransferGo, spoke about this investment by the Taiwanese foundation and stressed its significance in strengthening the global financial technology market.
„The development will be carried out (carried out—ELTA) in two areas. For product development, we will hire more people in Lithuania, Poland, and Europe. These are engineers, product people, and designers, as we will continue to expand the product portfolio. The other area of expansion is into Asia—for payments to Asia and then for shipments from Asia,“ Dvilinskas told Elta after the event.
According to the founder of the start-up, the company became profitable only last year, so such investments, he said, were not sought on purpose.
„It was more of an opportunistic thing. We are not looking for investments in the short term, and 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 – our growth markets – and Latin America. We are methodically connecting Europe to the main centres of the world“, Dvilinskas explained.
When asked why Taiwan chose TransferGo for its first investment in the financial technology sector in Lithuania, Dvilinskas said that the country appreciates the positive social change the company creates in the world.
„I think there is part of the social impact that we are creating. The hundred million a year that we make for the people who send that money home is a huge social difference. We're taking taxes off inflation and facilitating the financial integration among people. I think there is not only a business part to this, but also a social part, a macroeconomic part,“ said the founder of TransferGo.
According to Dvilinskas, talks about this investment started late last year when a delegation from the company went to Taiwan, and the investment itself was made in April this year.
TransferGo, a financial technology company operating for more than 11 years, provides international transfer services. The company operates in 160 countries and has over 7 million customers. TransferGo employs more than 360 people and has principal offices in London and Vilnius.
