VILNIUS - The Bank of Lithuania and the National Bank of Ukraine have agreed to work together to facilitate financial innovation development and share fintech experience, the Lithuanian central bank said on Friday.
"Given the avid interest from our Ukrainian counterparts and the knowledge we have acquired as part of our successful cooperation with the Monetary Authority of Singapore, we stand ready to share the best practices in developing a fintech-conducive regulatory environment, providing consultations to innovation-oriented market participants and paving the way for more convenient mobile payments," Vitas Vasiliauskas, the Lithuanian central bank governor, said in a press release.
The agreement, which was signed on the sidelines of the IMF and World Bank Group annual meetings in Indonesia, will allow the Lithuanian and Ukrainian central banks to exchange experience in fintech regulation and supervision, explore joint innovation projects and develop a fintech-friendly regulatory environment, according to the press release.
The Bank of Lithuania and the Monetary Authority of Singapore signed their fintech cooperation agreement last March.
The central bank, along with other Lithuanian authorities, are striving to make the country a fintech hub of the Nordic-Baltic region.