We hope you are all well & healthy. A new week a new issue of FintechHubLT newsletter. This week we have a selection of interesting news & updates about Fintech Ecosystem in Lithuania & Fintech Hub LT activities. Bank of Lithuania announced about changes, ECB published a report about Digital Euro, while KTU is planning to have a new Fintech undergraduate program. That was a small excerpt from this week's issue - enjoy reading!

Fintech Hub LT Board members & co

Our AML group participated in the discussions regarding the SumUp proposal to the regulators. They suggest to extend the list of remote identification methods and change the limit on electronic money in the case of simplified identification. You can find the minutes of the meeting here. If we want the laws to be changed, we need to provide the statistical data to the regulator.  

Saulius Racevičius (Board Member) participates in the Payment Board (Mokėjimų Taryba) meetings. This Board includes members from various institutions and companies and is led by the Bank of Lithuania. The Payments Board has been dealing with main issues and is trying to adjust law or similar level legal acts. We encourage you to provide some topic/questions for next year discussions. Note your thoughts here.

As you can see we have a very active AML group with Andrius Merkelis behind the wheel. They talk with regulators regularly and organized a few very formative events in the past months. AML is the key for every Fintech - join the group or add your Compliance Manager (info@fintechhub.lt). 

Last week we asked if you have any questions to BoL. We are sure you missed it - note your questions here. 

Structure and name of the Supervision Service of the Bank of Lithuania have changed. Financial market development trends determined these changes. Now the Supervision Service is called the Financial Market Supervision Service. Last week BoL presented the changes in detail. If you missed the event, review the presentation here.

This week, the Board of the BoL issued electronic money institution licences to FIDELIS EUROPE, UAB, and DiPocket, UAB, authorising them to issue electronic money and provide payment services outlined in the Republic of Lithuania Law on Payments. Following Brexit, the activities of two UK-based companies will be transferred to these licensed institutions. See more here.

The Global Financial Innovation Network (GFIN), which also includes the Bank of Lithuania, is inviting applications from companies to test innovative financial products, services, business models or regulatory technology across more than one country or jurisdiction.

This is a great opportunity for fintechs that plan to offer innovative services or products across more than one country. Together with other supervisory authorities, it can help solve your issues and concerns. Fill the single-entry application form here or find out more.

The European Central Bank is examining the possibility of issuing a digital euro and has published a report. The ECB consults the public on the features, impact, etc. of the digital euro. Stakeholders are invited to comment on the ECB's questionnaire. They have some inspiring questions - don't miss the opportunity to have some impact on the future!

TODAY 11:15 our member Liudas Kanapienis (Ondato) and chairman of the Board Titas Budrys will be participating at Grand Finale - Mastercard Lighthouse Day 2020. They will reveal if, in the pandemic-burdened world, companies across the fintech sector offer answers (and to some, a sense of peace) to those wrestling with today’s new set of problems. Marius Jurgilas, Jekaterina Govina, Rolands Mesters (CEO, Nordigen), Remy Salters (CFO at Swedbank Lithuania)  and others will be speaking there - stay on top. 
Date: November 19, 2020, 9:00
Register: here

Kaunas University of Technology (KTU) is planning to launch a un undergraduate program "Financial Matechatics & Technologies". It will be presented to the Board of Directors of KTU in few weeks for approval. Take a look at the program and provide some feedback - that would help to improve and ensure highly skilled personnel for the future. The goals of the program are well-thought, but without feedback from the industry, they can be another paper in the drawer. 

We are pleased to announce that Railsbank (PayrNet) joined our crew! It is our privilege to have you on board! UAB PayrNet is a wholly-owned subsidiary of Railsbank that holds the regulated financial services licenses and payment scheme memberships for Railsbank. 

Customers contract with Railsbank allows marketers, product managers, developers, CEOs, and founders to rapidly prototype, launch and scale financial products using its open finance platform, operations, regulatory licensing and rich set of simple APIs.

Be reminded that Fintech Hub LT will be participating at Singapore Fintech Festival (SFF). Participation is sponsored by MITA. We will have our digital booth under National Pavilion as co-exhibitors. We have two tickets for the conference and will be able to explore Online Networking via SFF platform and present our Hub at the booth. If you are willing to be a part of it and be included in the marketing material, please contact info@fintechhub.lt. 

Kaunas University of Technology as a partner of European Commission H2020 FinTech project organises a Workshop for the Bank of Lithuania and invites us to join. The online workshop is designed to discuss blockchain challenges that arise in the Lithuanian Fintech industry and present scientific solutions.

The online (via Zoom) event will take place on 26-27 November 2020. Registration is necessary. 

More