The Bank of Lithuania has picked and Columbus Lietuva, UAB to improve its reporting procedures

From: RegTech Analyst

The central bank of Lithuania is continuing its efforts to modernise itself by enlisting the help of two RegTech businesses.

From announcing new guidelines on security token offerings to having companies compete to create its official LBChain blockchain platform, the Bank of Lithuania has made some serious strides to boost its technology offerings recently.

Now, encouraged by GovTech Lab, the organisation bringing businesses and governmental organisations together, the Bank of Lithuania has tapped and Columbus Lietuva, UAB, to create and test a new solution aimed at streamlining reporting procedures.

The Bank of Lithuania hopes the project will create a solution to automatically generate information in a uniform matter and to reduce the administrative burden endured by its employees.

“Such a solution will allow market participants to save time and reduce HR costs and IT investment expenditure,” said Ramūnas Baravykas, head of RegTech and adviser to the director of the supervision service of the Bank of Lithuania.

“It will also allow us – the supervisory authority – to generate reports in a timely and precise manner, gain insights on potential market risks and share them with financial market participants, which would guarantee greater efficiency of supervisory practices, especially as the number of market participants continues to grow.”

The Bank of Lithuania is expecting that the first prototype will be ready some time in early 2020.

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