Bank of Lithuania joins GovTech Lab initiative
Today the Bank of Lithuania joined GovTech Lab, an initiative launched by the Ministry of the Economy and Innovation to facilitate cooperation between the public sector and market participants as well as support the creation and adoption of innovative technologies and solutions in the public sector.
As part of the GovTech Lab, the Bank of Lithuania will propose to develop a RegTech solution, which would streamline reporting procedures, thus allowing financial market participants to submit reports to the Bank of Lithuania in a more efficient manner.
The idea to introduce the GovTech Forum, a series of meetings to explore the potential of GovTech solutions in the public sector, was proposed by the Bank of Lithuania, the Ministry of the Economy and Innovation, and the team of Create Lithuania last year. The meetings were aimed at encouraging innovation within the public sector that would help to achieve greater efficiency and introduce better public services for residents.
GovTech is a technology infrastructure targeted at strengthening the public sector and improving public services.