st all members meeting - fintech hub lt · association established in 2017 11 –over 1 year of...
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1st All Members MeetingStatus Update
Association established in 2017 11 – over 1 year of operations
Started with 8 Members at the end of 2017
In 2019 there are 26 Members + a few under consideration:
19 Electronic Money Institutions
4 Payment Institutions
3 other
20+ have foreign shareholders/investors
Partnership with Singapore Fintech Association and Qatar Fintech Hub
Members agreed on and signed the Code of Ethics
Participating in various meetings/events
Active in feedback on new regulations (Bank of Lithuania, Ministry of Finance)
Progress so far
19
4
3
EMI PI Other
Monthly All-Members Meetings
www.fintechhub.lt/for-members
www.fintechhub.lt/for-members
Meeting with BoL on RegTech
Questionnaire on RegTech ResultsWould you be interested in helping CB to create automatic data
exchange mechanism with your company? (IT resources may be
needed)Strongly Agree 7 78%
Not Sure 2 22%
Disagree
Less than 10 % 3 33%
10 - 30 % 4 44%
More than 30 % 2 22%
Do you agree that CB and other Government institutions should
play a key role adopting RegTech?
What is a percentage of Compliance compared to all cost for your
company?
Which parts of compliance are
the most costly/difficult for
your company? (Choose 3)
Which parts of compliance could
be done more effectively from the
respective side (CB, VMI, etc.)?
(Choose 3)
Connection to Business Registry (PLAIS) 1 2
AML & Fraud Monitoring 5 2
KYC information Checks 5 3
Data Management (GDPR) 3 1
Reporting to FNTT 1
Sanctions/PEP Screening 5 1
Client Identification 3 2
Risk Management 1 1
Reporting to Tax Authority (VMI) 1 2
Statistical Reporting to CB 5 6
Risk Management Reporting to CB 3 2
Governance Changes Reporting to CB 2 2
AML Reporting to CB 4 4
Financial Reporting to CB 5 6
Yes
Maybe
More Publicity
Double Internships
EU Grant for Training Employees
o Write Articles in Press + Public Speaking on behalf of Fintech Hub LT
o Organize Monthly Events (especially Guests)
o Organize Trainings for Members
o Re-elect the Board and Chair of Association (8 Members) in November, 2019
o Create Member assessment, acceptance, review and expulsion procedures
o Hire 1 administrational / representative staff member
o EU funded Projects with MITA on Fintech promotion in Lithuania (pending)
o Local events / conferences with Fintechs from Hungary and Hong Kong
o Invite new suitable Members
o … other ideas…
…Stay Active!
Further Plans for 2019
www.fintechhub.lt/2-percent
Thank you!