This document summarizes the national fintech scene in Lithuania and the Bank of Lithuania's regulatory approach. The Bank of Lithuania aims to be a center of excellence in finance and promote financial sector innovation. It has established several programs to support fintechs, including a newcomer program, crowdfunding/peer-to-peer lending regulation, remote client identification, and a regulatory sandbox. The Bank of Lithuania takes a partnership approach to work with fintechs and provide consulting, but also emphasizes that participants must be financially sound and conform to high safety requirements, and it will quickly take supervisory measures if needed.

1. The national fintech scene.
Striving to become the best regulatory
environment
Dovilė Arlauskaitė
Bank of Lithuania
Newcomer project manager

2. 2
Strategic directions of the BoL (2017–2020)
 Become a centre of excellence in economics and finance
 Become a financial sector partner, promoting innovation and
sustainable growth
 Create a competitive and advanced payments market in Lithuania
 Enhance application of financial asset investment strategies
 Be one of the top three most efficient central banks in the Nordic-Baltic
region

3. The fintech scene is getting more active
3

4. Bank of Lithuania: Partnership approach
4

5. One-stop-shop:
• Consulting new market
players on legal/regulatory
matters
• Assessing feasibility of
business models
1) Newcomer Programme: main entry point for
fintechs
Focus on QUALITY:
• Financially sound, reliable &
transparent market participants
• Feasible business plans required
• Need to conform to high safety
requirements
5

6. 6
Network of
competent public
authorities
2) Crowdfunding / Peer – to peer lending regulation
Introduced Crowdfunding/P2P
operators regime
Alternative to banking lending:
Enables investor directly
invest/lend to the
debtor/project
12 Crowdfunding platforms
6 P2P lending platforms
Investors
Debtor/ Project
WWW
Platform

7. 7
Network of
competent public
authorities
3) Remote client identification
Identification via e-signature, e-identification
means
Possibility to identify using direct video/image
transmission (video conversation/real time
photo capturing)

8. 8
Regulatory sandbox
4) Innovative forms of regulatory engagement

9. Vision: BoL engagement with fintechs
9
LBCHAIN
PLATFORM-
SERVICE
REGULATORY
SANDBOX
FINTECH STARTUP JOURNEY
FINANCIAL
LICENCE*
Test platform
Non-public
testing
Tech./reg.
support
Public testing
Regulatory
support
Impunity
IDEA MVP PRODUCTION
Fintech with MVP

10. 10
At the same time...
We are fast at issuing licenses, but at the same time we are
even faster at withdrawing them or taking other supervisory
measures

11. Thank you!