Finrax steps into the spotlight as the official Lanyards Sponsor at HIPTHER’s MARE BALTICUM Gaming & TECH Summit 2025 in Vilnius, bringing with them a next-gen crypto payment gateway and a bold vision that extends far beyond payments.

We sat down with Konstantinas Balakinas, CEO of Finrax, to discuss the future of AI in finance, the real-world potential of blockchain beyond the buzzwords, and how Finrax plans to bridge fintech innovation with eCommerce and beyond.

Konstantinas, thank you for joining us! Can you please introduce yourself to our readers, and share more about your professional background and role in Finrax?

Thank you — it’s a pleasure to be part of this conversation, especially as Finrax steps into a more visible role at this year’s summit.

I’ve been working in the financial industry since 1999, mostly in regulated environments. The bulk of my career has been in consumer finance, where I had the chance to grow several companies from the ground up and eventually guide one through the process of securing a specialized bank license. That experience taught me a lot about how to build resilient financial infrastructure — and how to adapt when the rules, tools, and expectations shift.

My interest in AI came later. I had a first-hand look at its practical impact while working with a Lithuanian EMI that was really leaning into AI-driven operations. That sparked something — and eventually led me to study AI for Business Analytics at Turing College, where I’m currently sharpening both technical and strategic understanding of how AI can reshape financial services.

At Finrax, I serve as CEO and Chair of the Management Board in its Lithuanian entity. Our mission goes beyond crypto payments — we’re focused on building real utility for digital assets in a way that businesses can trust and adopt without friction.

How do you see today’s AI solutions? Can they be truly predictive, like “modern oracles”, or are we still in the realm of reactive technology?

AI today is generative AI — especially large language models (LLMs), which have made impressive progress in producing human-like text and anticipating user intent. So in a technical sense, yes — these systems are predictive, but not in the way many assume. What they predict is not the future itself, but the next statistically likely word or phrase based on patterns learned from massive datasets. That creates the appearance of intelligence, but not true comprehension.

This distinction is essential. As Carl Bergstrom and Jevin West explain in The Bullshit Machines, LLMs can sound coherent and authoritative while having no actual grasp of truth. They generate content that feels convincing, regardless of whether it’s accurate or logically sound. That’s not a flaw — it’s how they’re designed.

One should approach these tools with both optimism and caution. Today’s AI still sits within the boundaries of Artificial Narrow Intelligence — excellent at specific tasks like pattern recognition, anomaly detection, and content generation, but still a long way from Artificial General Intelligence, which would reason and adapt like a human across any domain. And Artificial Superintelligence, capable of recursive self-improvement and independent thought, remains firmly theoretical.

So, while we admire the capabilities of today’s generative AI, we don’t mistake fluency for understanding. These are powerful tools — but not oracles. The real challenge is using them responsibly and building systems around them that make sense in the real world.

What are some practical ways AI is and could be integrated into Finrax’s crypto payment platform? Are there use cases you’re already exploring or see as promising?

I see three core domains where AI tools offer real practical value — not just for Finrax, but for any fintech building towards efficiency, scale, and regulatory clarity.

The first is internal productivity. AI works well as a personal assistant for employees — helping with everything from drafting emails to summarizing documents or generating code. Off-the-shelf tools like ChatGPT are already useful for this, but their impact depends heavily on how well people know how to prompt them. That’s why custom GPTs are especially promising: they allow us to build tailored assistants with topic-specific knowledge and clear task guidance. For instance, an onboarding specialist might use one to walk through a compliant KYC checklist, while a developer could use another to generate smart contract boilerplate or debug Python scripts.

The second domain is AI agents — and this space is moving fast. These systems handle automated, rule-based workflows, often collaborating with other agents to move tasks along. They’re more constrained than LLMs, but more reliable when used within predefined rules. For a crypto payment platform like ours, agents could eventually assist in payment routing, compliance alerts, or even technical monitoring — anything repetitive that benefits from low-latency automation.

The third area is pattern recognition, where AI’s value is most proven. We see strong potential in using it to support fraud detection and ML/TF screening — not to replace human oversight, but to enhance it. Spotting unusual activity, flagging anomalies, or refining transaction scoring — these are all areas where AI can quietly but meaningfully improve risk management.

That said, we’re also realistic about the limits. With the EU AI Act now on the horizon, every integration has to pass the test of explainability, compliance, and accountability. Any system we deploy will need a clear inventory, GDPR alignment, risk assessment, and, in some cases, staff training. We’re already looking into how these rules will apply — especially as we explore the potential of agent-based systems.

So yes, we’re enthusiastic — but we’re moving deliberately. We’re not building AI from scratch, but we are actively exploring how to apply it in meaningful ways — both internally and within our services. Our business development team is already using tools like ChatGPT in their day-to-day work, and we see real gains in productivity and clarity. That’s the direction we’re leaning into: using AI where it helps people do their jobs better, not just to check a box.

Finrax has built a strong reputation for reliability and speed – processing crypto payments in under a minute. What differentiates your platform from other solutions currently available on the market?

Reliability is the real star here. Speed is expected in blockchain-based systems — but combining that speed with stability, predictability, and regulatory clarity is a much harder problem to solve. That’s exactly where Finrax delivers.

We’ve built a platform that doesn’t just move fast — it does so in a way businesses can actually depend on. We offer fixed-rate settlements to remove volatility, giving partners certainty about what they’ll receive. That’s especially important in high-volume environments, where financial precision matters just as much as transaction speed.

Compliance is also baked in. Every transaction goes through full AML/CTF screening, and our onboarding and monitoring standards are designed to meet the expectations of regulated businesses. That’s not a side feature — it’s part of our foundation.

And while many of our clients have international operations, we’re careful to operate only where we’re permitted to do so. With MiCA coming into force, we’re preparing to scale responsibly, aligned with the new rulebook.

So yes, we’re fast — but more importantly, we’re reliable. And in this space, that’s what truly sets us apart.

What opportunities do you see in the field of eCommerce for a crypto-first payment provider, and what role could Finrax play in shaping the future of online payments?

Crypto is here to stay — and with that in mind, we’re building the tools to help eCommerce businesses accept crypto as naturally as they would any traditional payment method. Our goal at Finrax is to provide plug-and-play solutions that allow online stores across the EU to accept payments in stablecoins or major cryptocurrencies without having to rethink their entire checkout process.

The opportunity goes beyond retail. We see strong potential in industries like logistics, aviation, luxury, and of course, gaming platforms — areas where cross-border payments, speed, and transparency really matter. That said, everything still depends on how quickly users adopt crypto in their day-to-day transactions.

What gives us optimism is the direction regulation is moving. With MiCA coming into effect in the EU, we’re finally getting a clear rulebook — and that’s exactly what’s needed to build trust. Once customers know that only licensed, properly regulated providers can offer these services, it changes the perception. It brings structure to the market — and with structure comes wider adoption.

At Finrax, we’re preparing for that shift. We don’t just want to be ready for the future of payments — we want to help shape it in a way that’s both efficient and trusted.

As the world becomes increasingly automated, how do you see Finrax maintaining a balance between innovation and user-centric service, especially amidst the fast-evolving tech and regulatory landscapes?

Automation, at its core, is about efficiency — but that doesn’t mean we lose sight of the human side. In fact, I’d argue that smart automation should strengthen customer-centricity, not weaken it.

At Finrax, we see automation as a way to free up our people to focus on what actually matters — understanding the client’s real needs, solving problems, and making sure the experience feels consistent and supportive across the board. It also helps us align internal processes more clearly, so that we’re not sending mixed messages to clients. That’s often where customer frustration begins — not with the technology, but with the gaps between systems and people.

Another benefit is the ability to understand customers more precisely. With better data and well-designed workflows, we can respond faster and more accurately, without adding friction.

But none of this can come at the expense of trust. As regulations like MiCA, GDPR, and the EU AI Act begin shaping the environment, it’s clear that automation must be explainable, compliant, and ethically sound. For us, innovation isn’t just about what’s possible — it’s about what’s responsible. And we see that as a competitive advantage, not a constraint.

You’ll be joining the panel “Beyond the Hype” at MARE BALTICUM, discussing blockchain and AI applications in finance and governance. What are you most looking forward to sharing with the audience –  and what do you hope to take away from the conversation?

A lot of the hype around AI comes from not really understanding how it works — and I think it’s important to go back to the basics. Most people still assume these systems “know” things. But in reality, large language models are built by training on massive volumes of data — much of it containing human bias, errors, or even outright misinformation. They don’t reason. They predict. They break down language into tokens and map those tokens across hundreds of abstract dimensions — far beyond how we perceive space — then generate output that mimics meaning, even if it’s not grounded in real understanding. But it’s not grounded in fact unless you make it so.

Even the best models will produce an answer to almost anything — even if that answer is fabricated. That’s why we see hallucinations. Unless you know how to prompt properly and critically assess the output, the result might sound confident while being completely off. This is why I always say: at this stage, AI should be seen as an assistant, not an authority. The human must remain in the loop — and at the top.

That said, the future isn’t bleak — it’s exciting, if we use these tools responsibly. One example that stands out to me is what Stripe recently did. They trained an AI model not on words or code, but on tens of billions of payment transactions. The model learned the “language” of money — identifying how payments behave, how fraud patterns look, and what hidden connections exist between different data points. The result? They went from detecting 59% of sophisticated card testing fraud attempts to 97% — almost overnight. That’s not just a technical win — it’s a complete shift in how we think about structured financial data.

So on this panel, I’m hoping to bring two things to the table: first, a grounded reminder that no model is infallible, and second, a practical optimism. AI has the potential to make finance faster, smarter, and safer — but only if we stay thoughtful about how we design, train, and regulate it. Humans should come first — but we don’t need to fear the future if we build it wisely.

Meet Konstantinas Balakinas and the Finrax team live at the MARE BALTICUM Gaming & TECH Summit 2025 on 27–28 May in Vilnius.

🔗 Register now to learn more about blockchain-powered finance, crypto innovation, and the real tech shaping tomorrow’s payments.

MARE BALTICUM Gaming & TECH Summit 2025 Breaking News:

Ultramarathoner Živilė Šerkšnaitė to Guide the Morning Networking Run!

Join us for an exciting running route across beautiful Vilnius, where we will be led by Živilė Šerkšnaitė – Ultramarathoner, Artist, Mountaineer, and human extraordinaire!

At HIPTHER, we’ve always believed that great ideas flow better when the body moves and the mind is clear. That’s why fitness and wellness are not just side activities at our conferences – they’re part of our DNA.

Join us for the Morning Networking Run in Vilnius: All paces are welcome – just bring your energy and running shoes!

Meet Your Running Guide: Živilė Šerkšnaitė

This year, the MARE BALTICUM Gaming & TECH Summit 2025 is taking that ethos to new heights – or, shall we say, new strides.

On May 28th at 07:30 AM, attendees are invited to join a Morning Networking Run across scenic Vilnius, guided by none other than Živilė Šerkšnaitė – Ultramarathoner, Artist, Mountaineer, and all-around human powerhouse. With up to 8km of easy-paced movement and conversation, the run will return by 08:45 AM –  just in time for a quick refresh and a powerful Day 2 kick-off.

And of course, we’ll keep you hydrated and happy: A big shoutout to WALLETTO, our Replenish Sponsor, for fuelling our runners with vitamin water and good vibes!

👉 Secure your spot: https://hipther.com/MBGTSvilnius

A Legacy of Movement…

HIPTHER introduced Morning Networking Runs in 2022, bringing early risers together for invigorating starts in Prague, Riga, Budapest, and Warsaw. The initiative was met with open arms (and elevated heart rates), prompting us to add Morning Yoga Sessions in 2023, creating moments of calm and clarity before packed agendas.

These aren’t just wellness gimmicks. They reflect our deep commitment to human-centric growth, nurturing not just minds, but bodies and spirits too. Because in our world, strong connections are built not just in panels and presentations, but on running paths, yoga mats, and bike routes.

So whether you’re lacing up your sneakers or strapping on your helmet, we can’t wait to move with you in Vilnius!

…Beyond Conferences

To help our community stay active beyond conference days, we’ve also created two growing digital wellness spaces – where movement meets motivation:

👟 HIPTHER’s iGaming & TECH Run Club on Strava brings together runners from across the industry who are eager to stay fit, share their achievements, and inspire each other. Whether you’re training for your next 10K or just enjoying a weekend jog, this is your place to connect.

🚴 And now, for the pedal-powered pros and weekend wanderers alike, we’re proud to introduce the brand new iGaming & TECH Cycling Club. Hop on your bike, track your rides, and cycle alongside fellow gaming & tech professionals – virtually and globally.

Join the movement here:

• Run Club: https://www.strava.com/clubs/igamingtechrunners
  
• Cycling Club: https://www.strava.com/clubs/1501357

Let’s run, ride, and rise – together! #hipthers

HIPTHER is thrilled to announce the official networking and social venues for the 2025 edition of the MARE BALTICUM Gaming & TECH Summit, taking place on 27–28 May in Vilnius, Lithuania. With three nights of curated gatherings designed to foster connection and celebration, the summit experience is as much about meaningful encounters as it is about cutting-edge insights.

This year’s networking activities will offer attendees a perfect balance of professional engagement and relaxed atmosphere – true to HIPTHER’s signature style of blending business with warmth and hospitality.

Day 0 – 26 May: The Welcome Meet

The networking begins on the evening before the official conference, as attendees gather for a warm and informal kick-off at Piano Man Bar, a cozy local favorite in the heart of Vilnius. From 18:00 to 22:00, guests will be welcomed into a laid-back atmosphere that sets the tone for the days ahead – whether reconnecting with familiar faces or raising a glass with new ones. The Welcome Meet is all about starting the summit in a relaxed style that fosters connection: with stories, laughter, and the kind of conversations that only happen when the pressure’s off.

Day 1 – 27 May: Evening Social Gathering & BSG Awards Ceremony

On the first official conference evening, the networking continues with a celebratory gathering at Jazz Cellar 11, one of Vilnius’ most atmospheric live music venues. Kicking off at 19:45 and continuing late into the night, the event will feature the 2025 BSG Awards Ceremony, honoring excellence across the Baltic and Scandinavian gaming sectors. With HIPTHER’s well-known sense of timing, the ceremony will be brief and to the point, allowing more time for informal exchanges, smooth jazz, and a relaxed yet elegant ambiance perfect for deepening connections.

Day 2 – 28 May: Closing Party

The final evening of the summit concludes in style with the Closing Party at Invino Vilnius, a refined wine bar located in the historic center of the city. Join us for an unforgettable evening, where wine flows, conversations spark, and the energy carries on into the night. Enjoy carefully selected wines, refreshing drinks, and delicious snacks in one of Vilnius’ coziest and most atmospheric venues. Beginning at 19:30, this farewell gathering will be the ideal evening to wrap up the MARE BALTICUM experience, reflect on new insights, and say “until next time” in true HIPTHER fashion.

Gaming & TECH Insights: A Dual-Stage Theme Built for Depth & Discovery

In addition to the social calendar, HIPTHER is proud to present the two official conference stages that will host both the insightful industry panels and the highly anticipated HIPTHER Academy Workshops:

Compliance & Operations Lab – Sponsored by Pace App
Designed for regulatory minds and operational leaders, this stage will spotlight the frameworks shaping fintech, gaming, and compliance today.

TechXperience Stage – Sponsored by NuxGame
A future-forward space dedicated to innovation and tech-fueled discussions across AI, Blockchain, Fintech, virtual reality, and beyond.

Together, the stages will welcome thought leaders and industry pioneers for meaningful discussions across verticals including iGaming, eSports, Fintech, Blockchain, AI, and more –  while also hosting hands-on workshops from the HIPTHER Academy.

Hands-On Learning with HIPTHER Academy Workshops

Complementing the summit’s dual-stage agenda, the HIPTHER Academy Workshops will empower professionals with actionable tools and strategic insight across critical areas of gaming, tech, and law. Topics include:

• RegTech in Action: A deep dive into AML and compliance-ready frameworks for fintechs, led by ReguLearn Founder Viktorija Poluektova.
• Creative Rights, Real Risks: A legal and strategic guide to sponsorships, IP, and branding in gaming and entertainment, delivered by Andrius Gabnys and Jovita Morta Gabne of GABNÉ.GABNYS.
• Crypto Custody Under MiCA: A practical exploration of crypto regulation, transparency, and consumer protection under MiCA, with Anna Agu of Lex Law Office OU.
• Neuroshift: A neuroscience-powered workshop on rewiring performance and leadership mindset, facilitated by Maria Loumpourdi of Made From Within.

HIPTHER’s Co-Founder, Zoltan Tuendik, stated about this year’s Social Agenda and Conference Stages “MARE BALTICUM Gaming & TECH Summit has always been more than just another industry conference. It’s a community-powered experience where people connect, collaborate, and challenge ideas in an environment that feels both professional and personal. With this year’s mix of vibrant networking venues and the dual-stage format designed to fuel serious insight and discovery, we are doubling down on what makes this summit special. We look forward to welcoming everyone to Vilnius for what promises to be our most engaging edition yet.”

The MARE BALTICUM Gaming & TECH Summit 2025 promises a high-impact mix of strategic content and social experiences, creating the ideal setting for learning, inspiration, and building real industry relationships.

For more information and to view the full agenda, visit:
👉 hipther.com/events/vilnius