Lithuanian delegation courts Toss Bank for EU entry

Employees of Toss Bank and members of the Lithuanian economic delegation pose after a meeting at the internet-only bank’s headquarters in Seoul, Thursday. Second from right is Toss Bank CEO Rhee Eun-mi and third from right is Marius Skuodis, a board member of the Bank of Lithuania. Courtesy of Toss Bank

A Lithuanian economic delegation highlighted the potential for Toss Bank to expand into Europe via Lithuania, committing to a favorable regulatory environment and active support for attracting investment, the internet-only bank said Friday.

According to Toss Bank, Marius Skuodis, a board member of the Bank of Lithuania, along with representatives from Invest Lithuania and the Lithuanian Embassy in Korea, visited its headquarters in Seoul Thursday.

The visit marked the third consecutive year of such meetings, following their initial engagement in November 2023.

The delegation praised Toss Bank for its innovation, commitment to inclusive finance and its achievement of turning a profit just three years after its launch. They also highlighted Lithuania’s potential as a strategic base for Toss Bank’s expansion into Europe.

"Europe is home to 500 million potential customers, with diverse market players driving innovation," Skuodis said. "Lithuania is one of Europe’s leading countries in digital finance and fintech. We hope Toss Bank will join us as an innovative partner, and we will spare no effort in supporting its growth."

Lithuania is one of the fastest-growing hubs for digital finance and fintech. The country offers a stable macroeconomic environment, access to the EU single market, regulatory innovation and a digital-friendly policy landscape.

Global fintech firms seeking entry into the EU, such as U.K.-based Revolut, have already made Lithuania a preferred gateway.

Toss Bank said it also plans to use the meeting as an opportunity to accelerate its global expansion efforts, exploring strategic partnerships with Lithuania and the broader European market.

"The Lithuanian economic delegation’s three consecutive annual visits are a strong testament to the global recognition of Toss Bank’s innovative model," said Toss Bank CEO Rhee Eun-mi. "We will continue to strengthen cooperation in financial innovation not only between our institutions but also between our two countries, while striving for sustainable growth on the global stage."