OREANDA-NEWS. The Bank of Lithuania, during the FinTech conference taking place in Vilnius, signed a memorandum of understanding with Revolut Limited, 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.