2019-05-03
The Bank of Lithuania has joined the Global Financial Innovation Network (GFIN) established at the beginning of 2019. The GFIN enables companies across the globe to test their financial innovations in international markets.
"Uniting all the leading regulators, the project increases Lithuania’s visibility to world‑class companies and promotes introduction of financial innovations into the Lithuanian market," said Jekaterina Govina, Adviser to the Board Member of the Bank of Lithuania.
5 companies have expressed their willingness to join the Lithuanian regulatory sandbox, and 4 of them have been selected to proceed to the next stage.
In total, 44 companies have applied to test their innovative products in one or more jurisdictions belonging to the GFIN. After the initial screening, GFIN members will continue working with 8 firms. Companies whose proposed projects will meet requirements set by the respective jurisdictions will move to the next phases of the project.
Most of the applications to participate in the global sandbox project were submitted by RegTech and crypto-asset related firms. GFIN members will engage in further discussions on other types of potential support with those applicants that did not meet the eligibility criteria for testing. Several applications were determined by some regulators to not need sandbox in their jurisdictions to proceed to testing.
The GFIN brings together 35 global organisations from over 15 jurisdictions (including Australia, Hong Kong, United Kingdom and Singapore).
Detailed information on the project, the participating companies and the supervisors can be found here.