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National Bank of Ukraine and Bank of Lithuania to cooperate in the area of innovation development

12 October 2018

Press Release


National Bank of Ukraine and Bank of Lithuania have agreed to work together to facilitate development of financial innovations. The Co-operation Agreement in the Area of Innovation Development between the two institutions was signed during Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group being held in Nusa Dua, Indonesia, by the National bank of Ukraine Governor Yakiv Smolii and the Chairman of the Board of the Bank of Lithuania Vitas Vasiliauskas.


"We are pleased to expand fruitful cooperation with the Bank of Lithuania on the direction of innovation in finance. I am confident that the Bank of Lithuania will achieve its strategic goal and become the main FinTech hub in the North-Baltic region. A lot has already been done for this, and we will be glad to take on the successful experience of our Lithuanian colleagues. In turn, one of the strategic goals of the National bank is financial inclusion, a qualitative breakthrough for which is offered by modern technologies - digital, online and mobile financial services. Our goal is to achieve a greater financial inclusiveness of Ukrainian society at the expense of the FinTech development as well", - noted Yakiv Smolii.


"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,"- said Vitas Vasiliauskas.


The main purpose of the document is to provide a common framework for cooperation and exchange of experience and information about:


      regulatory issues pertaining to innovation in financial services,

      emerging market trends and developments (including the use of new technologies),

      innovations in financial services in the Ukrainian and Lithuanian markets.


The agreement also envisages the possibility of participating in joint innovation projects on the application of key technologies, such as digital and mobile payments, blockchain and distributed ledgers, big data, flexible platforms (API) and other areas of new technologies.


Cooperation Agreement takes effect from the date of its signing and will continue for an unlimited period of time.

Last modification   12.10.2018