Lithuania is tightening the screws on fintech with bolstered oversight and additional resources after an ambitious foray into next-generation financial services created outsize risk for the Baltic nation.
Gediminas Simkus, the central bank governor tasked with regulating the industry that’s made Lithuania a fintech hub, touted the effort to add staff and place a greater emphasis on anti-money laundering and terrorism financing. The Bank of Lithuania has been imposing more fines, suspending operations and revoking licenses.
