Financial technology (FinTech) refers to technologically enabled financial innovation that could result in new business models, applications, processes or products with an associated material effect on financial markets and institutions and the provision of financial services.
Development of a FinTech-conducive regulatory and supervisory ecosystem as well as fostering innovation in the financial system is one of the Bank of Lithuania’s strategic directions. Together with other state authorities, the Bank of Lithuania aims at creating a FinTech-friendly environment that would attract new companies and encourage them to incubate new products in the country.
