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National fintech scene - NeoFinance.com

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By Mark Leenards

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National fintech scene - NeoFinance.com

  1. 1. The national fintech scene. Striving to become the best regulatory environment Dovilė Arlauskaitė Bank of Lithuania Newcomer project manager
  2. 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. 3. The fintech scene is getting more active 3
  4. 4. Bank of Lithuania: Partnership approach 4
  5. 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. 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. 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. 8 Regulatory sandbox 4) Innovative forms of regulatory engagement
  9. 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. 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. 11. Thank you!

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