Lietuvos bankas takes another step toward strengthening Lithuania’s position as one of the most attractive fintech jurisdictions in Europe by assigning dedicated points of contact to some electronic money institutions (EMIs) and payment institutions (PIs).

This decision aims not only to ensure effective supervision but also to create an open and dialogue-oriented regulatory environment in which institutions can operate and grow in a clear, secure and predictable manner.

“We want to be a regulator that is close to the market, the one that listens, pays attention and responds. This model will allow us to cooperate even more closely with fintech companies and together address issues relevant to them. We seek to be a partner that helps ensure smooth operations and growth,” says Vaida Markevičienė, Deputy Chair of the Board of Lietuvos bankas.

A dedicated representative from Lietuvos bankas will be assigned to selected institutions as the primary point of contact for day-to-day supervisory matters. This means a facilitated dialogue, clearer expectations and consistent supervisory practices.

This model has already been successfully applied in the banking and insurance sectors, and its expansion to EMI and PI sectors reflects the maturity of the sector and its growing importance in Lithuania. Initially, the model will apply to some institutions, and following an assessment of its performance in practice, the dedicated point of contact model is anticipated to expand.

It is expected that this change will further strengthen confidence in the regulatory environment and help ensure that Lithuania remains not only an attractive place to establish fintech companies, but also one of the best places for them to operate and grow.

Source: lb.lt