The Board Members of Fintech Hub LT had a meeting with the Bank of Lithuania on 17th of December. The goal of this meeting was to understand the position of BoF regarding Fintechs and see how we can manage risks & solve arising issues in collaboration.
During the meeting, we discussed the Risk management and opportunity for Fintech Hub LT to have a self-regulatory mechanism. The Bank of Lithuania welcomed this idea. We agreed to come back with some suggestions early next year.
Safeguarding of the clients' funds was a topic to discuss. The Bank of Lithuania noted that they work both nationally and internationally with a goal to increase the opportunities for companies to protect clients' funds in other currencies in branches of foreign credit institutions established in the EU. This question is also included in the Fintech LT plan which is reviewed & approved by the Parlament each year. Unfortunately, we can't expect safeguard clients' funds in USA dollars in Lithuania (via CentroLink) in near future.
The Financial Market Supervisory Authority of the Bank of Lithuania provided KEY recommendations for the members of our association:
- goodwill is the key. Always communicate in this manner with BoL
- ask employees of the Financial Market Supervisory Authority if you are unsure how to act - they are there to help & willing to advise.
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