Lithuanian organizations join forces to manage fintech risks

VILNIUS, March 18 (Xinhua) -- Nine Lithuanian entities agreed on Monday to cooperate in managing risks in the financial technology (fintech) sector as the country is increasing its presence as a regional fintech hub.

The heads of the Finance Ministry and the Bank of Lithuania, along with representatives of special investigative and financial crime prevention bodies, the police, the tax authorities and other financial sector organizations signed an interinstitutional memorandum on cooperation and exchange of information aimed at overseeing and managing risks in the fintech sector.

"We want to be at the forefront, and therefore we consolidate efforts to tackle challenges in the future," said Finance Minister Vilius Sapoka in an announcement released by the Ministry on Monday.

"If necessary, we will act immediately, we will analyze the legislation and initiate necessary amendments," Sapoka added.

The Lithuanian authorities aim to strengthen their cooperation in managing financial risks amid money laundering scandals that have recently hit Nordic banks with a dominating presence in the Baltic countries.

Sapoka has recently called on the eurozone and the European Union countries to establish a single system to counter money laundering.

Lithuania, a small Baltic country with a population of less than 3 million, tries to benefit from becoming a fintech licensing location for foreign companies that seek to provide financial services throughout Europe.

Last year, the number of Lithuania-based fintech companies increased by around 45 percent to 170. Enditem