V. Vasiliauskas: Lithuania to stay one step ahead of the FinTech game
Participating in FinTech Inn, a high-level conference hosting more than 1,000 local and international stakeholders in the financial technology domain, Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania, stressed the importance of both promoting innovation and maintaining high quality standards.
“We hope that innovative FinTech solutions will boost competition, especially in the field of payments, bringing tangible benefits to consumers. Financial technologies are rapidly gaining traction all around the globe: looking ahead, this trend will only grow stronger. Rather than keeping pace, we – as the local regulatory authority – seek to stay ahead of the curve when it comes to the ever-changing FinTech landscape,” said Mr Vasiliauskas.
The Bank of Lithuania has a lot to offer for FinTech companies. Boasting one of the fastest and most flexible licencing regimes in the EU, it provides full access to its payment system CENTROlink (which can be used to carry out instant payments) as well as offers on-the-go consultations for new market entrants. Having recently launched its regulatory sandbox, the central bank provides financial market participants the possibility to test and develop innovative financial products and business models.
Mr Vasiliauskas also noted that, in terms of quality, the Bank of Lithuania will continue to set the bar high: the doors to Lithuania and, in turn, the European market will be open only for innovative, reliable and viable businesses generating value added for the society at large.
The Lithuanian FinTech cluster now includes nearly 100 payment and electronic money institutions. In the last year alone their number has tripled – similar growth momentum is expected in 2018. The majority of FinTech companies were engaged in activities related to payments, electronic money issuance and P2P lending platforms. Half of them offered payment solutions directly to businesses and consumers.
Organised by the Bank of Lithuania, the Ministry of Finance of the Republic of Lithuania, Invest Lithuania and Agency for Science, Innovation and Technology (MITA), FinTech Inn serves as a platform for dialogue on payments, blockchain and investment.