The Bank of Lithuania, during the FinTech conference taking place in Vilnius, signed a memorandum of understanding with Revolut, a UK-based financial services and payments company.
The rapidly growing company, operating at an international level, expressed its willingness to establish a financial institution in Lithuania and gain access to the Bank of Lithuania-managed payment systems ensuring cross-border payments in euro.
In turn, the Bank of Lithuania will provide Revolut Limited with necessary consultations, which will be needed during the preparation process.
‘New market participants will increase competitiveness in the field of financial services. This is beneficial for consumers. Financial service providers entering Lithuania and operating at the international level are proof that the conditions to begin operations in our country are favourable: starting with regulation and ending with the technical infrastructure — payments in euro through the Bank of Lithuania’s system are executed quickly and reliably,’ says Marius Jurgilas, Member of the Board of the Bank of Lithuania.
According to him, in the near future even more international financial service companies will set foot into Lithuania, as interest in the opportunities provided by Lithuania is already great and continues to grow.
‘We are delighted to collaborate with the Central Bank of Lithuania. This is an important step for us to improve our service for our existing customers, and demonstrates Lithuania’s willingness to collaborate with the brightest FinTech startups to bring innovation to financial services,’ says Nikolay Storonsky, CEO of Revolut Limited.
Revolut Limited began operations in 2015. The services provided by the company — e-transfers, currency exchange, card payments and cash withdrawal — are available globally. The Financial Services Authority of Great Britain issued the company’s operating license and supervises its operations.