On November 27, 2018, the Bank of Lithuania launched a public consultation seeking feedback in regard to the need and conditions for open banking in the country, following regulatory changes made earlier this year that opened up the market to new players offering payment initiation and account information services.
In line with examples set in other jurisdictions, including Singapore and the UK, the Lithuanian regulator aims to, by means of this financial measure laid out in the Operational Guidelines 2017-2020, foster competition and promote innovation in the financial sector. This will “ensure the development of fintech industry in Lithuania and would allow Lithuania to become one of fintech industry hubs in Europe”.
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