M. Jurgilas: we want to take the driver’s seat on the innovation highway
LBChain, a unique blockchain-based platform, is already two thirds complete. Today, the project participants presented their prototypes during an international event in Vilnius. The representatives of the Bank of Lithuania and the European Central Bank shared institutional views on potential uses of blockchain and other innovations and their regulatory issues.
‘With innovations rapidly changing the financial world, the Bank of Lithuania seeks to take the driver’s seat on the innovation highway. It is of utmost importance for us not only to monitor the evolution of technologies, but to participate in their development as well. We want to help FinTech companies to reach their potential, yet we also strive that only safe and ready-to-use products and services reach consumers,’ said Marius Jurgilas, Member of the Board of the Bank of Lithuania.
He added that LBChain shows clear potential – the benefits of the project are already visible, even if it is still in progress. The regulatory blockchain sandbox has successfully become the testing environment for a wide range of financial products. It is expected that these products will be available for consumers in the near future.
Six FinTech companies from three different countries have already tested their products in LBChain prototypes, thus contributing to their improvement. They tested a wide range of products: a KYC solution for AML compliance, a cross-border payment solution, smart contract for factoring process management, payment token, mobile POS and payment card solution, a crowdfunding platform and an unlisted share trading platform.
At the end of September, two out of three prototypes of the LBChain platform will be chosen for the last stage of project development. Lithuanian and foreign FinTech companies and start-ups are encouraged to test their products there from early October. Registration for product testing is open.
The platform is expected to be launched in March 2020.
About the project
LBChain is a blockchain-based sandbox which combines regulatory and technological infrastructures and allows FinTech companies to test their business solutions in a controlled environment. The platform will enable Lithuanian and international start-ups as well as financial and FinTech companies to gain new knowledge, carry out blockchain-oriented research, test and adapt blockchain-based services and offer state of-the-art innovations to their customers. LBChain is the world’s first-of-its kind platform developed by a financial market regulator (the Bank of Lithuania).