Bank of Lithuania
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A delegation led by Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania, is visiting Singapore – one of the world’s major financial and FinTech centres – on 13-16 November. During the visit, the delegation will present FinTech opportunities available in Lithuania, inviting Asian businesses to take advantage of the favourable business environment and innovation-friendly regulation in our country. FinTech was also one of the key topics addressed during today’s meeting with the Managing Director of the Monetary Authority of Singapore.

‘Singapore’s unique experience in developing the financial sector and the FinTech industry is inspiring and shows that success stories are created not by the size of the state, but by progressive ideas, attitude towards innovations and business-friendly regulation. Meeting numerous representatives of financial institutions and market participants, we expect to strengthen the relationship between Lithuania and Singapore, and encourage Asia’s innovative financial businesses to take an interest in the opportunities to develop their activities in our country,’ said Vasiliauskas.   

Today, Lithuania’s delegation met with Ravi Menon, Managing Director of the Monetary Authority of Singapore, and discussed the regulatory framework of Singapore, Lithuania and the broader European financial market, measures to boost the development of FinTech companies. During the meeting, the possibilities for signing a bilateral cooperation agreement were also discussed, with the aim to strengthen the relations between the regulatory institutions of the two countries, exchange information more effectively and enable the sharing of domestic best practices.   

On Wednesday, the Bank of Lithuania’s delegation will attend the annual Singapore FinTech Conference, taking part in the event Destination EU 2018: The fastest pan-European license for your Fintech. On Thursday members of the delegation will meet with the representatives of one of the world’s largest FinTech centres – Singapore’s company Lattice80.  

During these meetings and events, Lithuania’s principal advantages in the FinTech sector will be presented: one of the quickest licensing processes in all of the European Union, a wide range of possible business models – from e-money or payments institution to a specialised bank – a legal status having no analogues in Europe. Moreover, the Bank of Lithuania intends to provide the possibility to test innovative financial products and business solutions, as well as to improve them using a regulatory sandbox regime, which is currently being developed.

Developing a regulatory and supervisory ecosystem conducive to financial services activities, as well as fostering innovations in the financial sector is one of the Bank of Lithuania’s strategic directions for 2017–2020. Together with other authorities of the state, the Bank of Lithuania aims to create an environment that would be favourable for the establishment of FinTech companies and the development of innovative financial products in Lithuania.