Regulatory technology (RegTech) refers to the application of innovative technological solutions to regulatory processes within the financial system. The main aim of RegTech is to enhance efficiency in regulatory practices by digitalising manual reporting and compliance processes.
The Bank of Lithuania‘s role in fostering RegTech
The RegTech project for supervision
The Bank of Lithuania aims to reduce reporting burden for market participants and has chosen two companies to create and test a smart solution that would streamline reporting procedures – information for supervision purposes would be generated in a uniform format and collected automatically by the Bank of Lithuania. More information