The Bank of Lithuania, the central bank of the country, has introduced a new e-licensing tool to enable submission of information online to procure an operating licence swiftly.

Currently, the tool supports licensing applications for e-money and payment institutions, while upgrades to the tool to enable other licence types are under way.

Once completed, the tool will serve as the main information sharing and cooperation platform between the central bank and all financial market participants.

Bank of Lithuania supervision service director Vytautas Valvonis said: “Aiming to create an innovation-friendly, attractive and competitive environment for financial sector regulation, we were among the first in the EU to introduce a RegTech system for submitting applications for operating licences.

“We hope that it will further accelerate the authorisation process and ease the administrative burden for potential financial market participants.”

Accordingly, the Bank of Lithuania is implementing various initiatives to accelerate licensing procedures. The introduction of the RegTech tool was part of this process.

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After the applicant selects a specific type of licence, the new e-licensing tool automatically provides the list of necessary documents required to be submitted with the appropriate explanations.

The overall process can be done remotely enabling the foreign businesses to submit licensing applications.

Furthermore, the tool allows saving the partially completed application, and submitting it when all relevant documents are ready.

Valvonis added that growth in the financial sector especially in the fintech business has spurred the number of applications for licences in the last few years.