The Bank of Lithuania invites financial innovators to participate in the creation of a RegTech solution which would allow the supervisor to automatically obtain data required for supervisory purposes, thus reducing the administrative burden for market participants.
All financial market participants have to report to the Bank of Lithuania. Currently, payment service providers (banks, credit unions, other credit institutions, electronic money and payment institutions) are required to submit statistical reports and reports for supervisory purposes. Preparation and production of such reports are time-consuming and require considerable resources. The Bank of Lithuania is looking for an innovative solution that would allow obtaining the necessary data and automatically generating respective reports.
The solution will be developed as part of the GovTech Lab initiative. The initiative aims to employ innovation for tackling issues within the public sector: a public sector authority will announce a specific problem, while start-ups, businesses or the general public will offer innovative technological solutions. The solution will be implemented in three stages.
STAGE 1: CONSULTATION WITH THE BANK OF LITHUANIA The Bank of Lithuania looks forward to meeting all interested participants and will answer any questions by 28 August 2019. Registration is mandatory, the meeting place will be specified individually via email.
STAGE 2: PITCH Participants should submit their ideas to the Bank of Lithuania by 10 September 2019, making sure that they will be able to continue working on this solution if their idea is selected. The proposals will be presented during the GovTech Baltic Leaders conference on September 16 in Vilnius. The winners will receive cash prizes and get the opportunity to develop their product in GovTech Incubator.
STAGE 3: DEVELOPMENT AND DEMO Development of the solution, creation and presentation of the prototype.