Bank of Lithuania’s sandbox seeks fintech start-ups
The Bank of Lithuania is calling out to fintech start-ups and established businesses to test their innovations in a live environment under its guidance and supervision.
“Ideas generated in the sandbox could quickly move beyond its limits and increase competition in the financial market – without a doubt, this would bring identifiable benefits to consumers, such as more convenient, safer and cheaper financial services,” says Marius Jurgilas, member of the board of the Bank of Lithuania.
The central bank will offer consultations, and financial products or business models will be tested with real customers.
Sandbox participants will also be entitled to certain reliefs pre-agreed with the regulator, including a temporary lifting of some supervisory requirements.
Once the testing phase has proved successful, companies will be able to transfer their services to a regular operating environment.
Submissions will open from 15 October 2018. You can get more details here.
The bank is usually active in the fintech space and coming up with new ideas. Back in July, it introduced a procedure which will allow companies to apply remotely for fintech licences.
By the way, a few days ago we looked at Lithuania in a country spotlight – and its “blockchain nation” plans.