Lietuvos bankas to exchange innovation experience with South Korea’s financial services supervisory authority
Lietuvos bankas and the financial services supervisory authority of South Korea will exchange experience in promoting innovation in financial services markets. This is provided for in the Memorandum of Cooperation between Lietuvos bankas and the Financial Services Commission of the Republic of Korea signed on Wednesday in Vilnius.
“Lietuvos bankas continues to broaden the scope of interinstitutional cooperation. Both we and our peers from the Republic of Korea are actively promoting the development of innovative services, thus it will be useful to exchange our experience. At the same time, we will encourage and advise responsible businesses interested in innovations which create products or services that appeal to consumers,” says Simonas Krėpšta, Member of the Board of Lietuvos bankas.
The Memorandum foresees that Lietuvos bankas and the Financial Services Commission of the Republic of Korea will exchange knowledge on financial market trends and innovation developments as well as regulatory issues related to innovations in financial services. It also provides for the sharing of information on organisations and bodies promoting innovation in the field of financial services.
Promoting innovation in the financial system is one of Lietuvos bankas’ strategic directions. Together with other state authorities, Lietuvos bankas aims at creating a business environment that would attract new companies providing financial services and encourage them to develop new products in Lithuania.
Established in 2022, the Centre for Financial Market Development of Lietuvos bankas actively cooperates with existing participants of the financial services ecosystem to jointly address emerging issues as well as puts active efforts in attracting new financial institutions, including banks, to Lithuania.
The efforts of Lietuvos bankas in the field of innovation have been evaluated on several occasions by the international financial news outlet and journal Central Banking. In 2023 the financial market development promoted by Lietuvos bankas and the Newcomer Programme were awarded for their contribution to the global innovation development, and in 2021 the complex Data Management Maturity Programme (DAMAMA) was granted the Award for Data Management Initiative. In 2020, Lietuvos bankas was awarded a Global Impact Award, and in 2018, the central bank won the first Catalyst Award.