Lithuania highly visible on the global Fintech innovation map also becomes a relevant risk management competence centre. Therefore nine national institutions joined forces for a common goal – to promptly anticipate Fintech potential risks and effectively manage them. On Monday these intentions were endorsed by signing the inter-institutional memorandum.
The Memorandum on Cooperation and Exchange of Information in Risk Management in Financial Innovation and Financial Technology was signed by Minister of Finance Vilius Šapoka, Minister of the Interior Eimutis Misiūnas, Chairman of the Board of the Bank of Lithuania Vitas Vasiliauskas, Director of the Special Investigation Service Žydrūnas Bartkus, Director of the Financial Crime Investigation Service Antoni Mikulskis, Deputy Commissioner-General of the Lithuanian Police Edvardas Šileris, Head of the State Tax Inspectorate Edita Janušienė, Director of the State Data Protection Inspectorate Raimondas Andrijauskas, Director of the state company Deposit and Investment Insurance Aurelija Mažintienė.
The institutions singing the Memorandum will cooperate with each other, including also exchange of information on unlawful conduct related to the supply of financial services, financial technology, observed hazards, tendencies, incidents and measures taken to manage the risks.
Institutions will, under their remit, regularly provide the Bank of Lithuania with the aggregated information, also will identify regulatory shortcomings or regulatory needs to diminish or preclude negative effects on the financial system. They also plan to cooperate in developing or acquiring common regulatory and supervisory technology (regtech and suptech), including the area of identification of transactions in crypto-assets.
The Memorandum establishes that the institutions will strengthen administrative capacities of their staff members in supervision and management of potential financial innovation and financial technology – related risks, raise the levels of excellence in this area and will organise joint advanced training in supervision and management of potential financial innovation and financial technology– related risks.