Tag "Bank of Lithuania"
Lithuania’s Ecosystem Confirms New National Fintech Guidelines for 2023-2028
The main institutional actors in Lithuania’s Fintech ecosystem signed a Memorandum of Understanding confirming the National Fintech Guidelines for 2023-2028. The Guidelines, which consist of five separate directions, are aimed at improving the conditions for businesses and continuously developing an
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Bank of Lithuania Seeks to Strengthen the Country’s Financial Market
The Bank of Lithuania has entrusted development issues to a specialised Centre for Financial Market Development in order to promote the continued successful growth of the country’s financial market. It will look for ways to strengthen the existing financial market
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Revolut Granted Lithuanian Banking License by the European Central Bank
Revolut has received a banking license issued by the European Central Bank, following a proposal by the Lithuanian central bank. The company will now provide payment services in addition to its current activities of accepting deposits and granting loans in
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E-Payment Transactions in Lithuania Grew to EUR157.6 Billion in Q3
The value of payment transactions by electronic money and payment institutions in Lithuania grew 6.3x year on year, and their income from licensed activities grew 4.8x, in Q3 this year. According to the Bank of Lithuania, the value of payment
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Bank of Lithuania Continues Digital Euro Experiments
The Bank of Lithuania invites payment market participants and technology companies to participate in an experiment and together develop a payment solution that enables instant settlements in digital euro at points of sale. “The Bank of Lithuania is constantly assessing
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Lithuania Issues Peer-To-Peer Insurance Guidelines
Bank of Lithuania published the peer-to-peer (P2P) insurance guidelines, which present its assessments, insights and recommendations on InsurTech financial innovations to the financial market, potential providers of P2P insurance services and consumers. “The purpose of the guidelines is to promote
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Bank of Lithuania Warns Binance for Unlicensed Services, Misleading the Public
The Bank of Lithuania has warned a virtual currency exchange operator Binance about its unlicensed investment services provided in Lithuania and ordered the company to ensure that its publicly available information is not misleading. The Bank of Lithuania has also
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Bank of Lithuania Examines Use of Open Banking Solutions for Fintech Supervision
A feasibility study carried out by the Bank of Lithuania has shown that one of the key elements in open banking, the account information service, could be used in supervision of electronic money and payment institutions (EMIs and PIs). The
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Bank of Lithuania Pens a “Dear CEO” Letter to Payment Firms to Enhance Compliance
The Bank of Lithuania has penned a Dear CEO letter to the managers of electronic money and payment institutions operating in Lithuania to strengthen its compliance culture. The Dear CEO letter is one of the supervisory instruments planned for this
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P2P Insurance Platform Completes Year-Long Testing in Bank of Lithuania’s Sandbox
Ooniq, peer-to-peer insurance platform of Workpower, has completed a year-long of testing within the Bank of Lithuania’s regulatory sandbox. The regulatory sandbox allows companies developing innovative financial products and business solutions to test them in a real environment under supervision
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