Welcome to another issue of FintechHubLT Newsletter. This week's top news feature AML sharing infrastructure for our members only, and some news regarding changes in complains law. Finally, don't forget the upcoming Singapore Fintech Festival - get your seat free of charge. Enjoy!

Sharing is Caring. We want to provide you with the essentials to stay cutting edge with your fintech. Don't neglect to share your news with us & all members - cooperation holds the future, while this newsletter is a good platform for that.  

Fintech Hub LT Board members & co

We have some exciting news to share! Last week Fintech Hub LT AML group decided to create a platform for sharing suspicious AML cases between members. Ondato offered to create an infrastructure which, once implemented, would allow our members to share relative information while ensuring GDPR & other relative laws. This would be a modern form of fighting against money laundering and terrorist financing, bringing together the efforts of the members of the association. AML is the key for effective risk management while joining efforts we can achieve better efficiency. We will update you on the progress!

For your convenience, we also decided to improve our "For Member" zone. From now on, you can find, in separate sections, all previous newsletters & past/upcoming events. In the future, you will also find updates regarding new laws there. This section will be accessible only for members. Follow our communication and get your membership access. 

Our association is taking an active role in the Payment Council led by the Bank of Lithuania & Ministry of Finance and provided 4 payment-related issues/topics for the next year. 

1. Expand insurance options for electronic money institutions (EMI) and payment institution (PM) customers. Allow EMIs/PIs join a national deposit insurance scheme in Lithuania.

2. Increasing the number of types of accounts that an EMI can open for its customers. Saving Accounts were recently added, but we propose to add others, such as escrow.

3.  Amend the Law on Electronic Money Institutions and allow the safeguarding of clients’ funds “within credit institutions at other reliable countries outside the EEA” in addition to currently allowed central banks and credit institutions (or in liquid investments or insured funds). 

4. Allow EMIs/PIs to keep their clients’ funds in other currencies than just in EUR within the central bank accounts, starting with the other European Union currencies and British pounds.

We will try to sell these topics to the Payments Council & will update you once we have some feedback from them. 

The Bank of Lithuania prepared a project regarding the rules for the examination of complaints received by financial market participants. We have a privilege to provide our comments and proposed amendments before it's approved.

The Board of the Association reviewed the suggested changes in the law and provided some comments. Still, it is far more important for you to provide your as it would have a direct impact on your processes & employees' workload. Please note your thoughts here.

The European Banking Authority (EBA) launched a public consultation to propose revising the Guidelines on major incident reporting under the Payment Service Directive (PSD2). The proposal aims at optimising and simplifying the reporting process, capturing additional relevant security incidents, reducing the number of operational incidents that will be reported, and improving the meaningfulness of the incident reports received. We invite you to provide your comments & suggestions here till 14 December 2020.

The Lithuanian government has passed a legal amendment allowing foreign nationals to obtain the status of e-resident starting January 2021.

E-residents will receive a digital identity identification that will give them online access to a range of administrative, public, and commercial services. These will be able to set up companies, open bank accounts and declare taxes online. Read more.

Be reminded that Fintech Hub LT will be participating at Singapore Fintech Festival (SFF). MITA sponsors participation. We will have our FREE OF CHARGE digital booth under National Pavilion as co-exhibitors. 

The organizers allowed us to share our tickets in time between our members. This event is not just for those you are interested in Asia, the event is global, with 40+ separate events in the USA, Europe, Africa etc. We have 5 days, 24 hours to split between ourselves. In other words, if you want to participate at SFF free of charge for an hour or day, please contact us till 2nd of December. The participation at the event would allow you:

- present your company at Lithuania Pavilion at SFF virtual expo

- network with 80K+ global attendees via chat or video calls

- watch world-class content from all around the world created by 800 Speakers

- explore the virtual expo

Explore the event further. 

Kaunas University of Technology (KTU) organises a Workshop for Fintech Ecosystem 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