National Bank of Ukraine, Bank of Lithuania to cooperate in sphere of financial innovation

"The National Bank of Ukraine and the Bank of Lithuania have agreed to cooperate in the field of financial innovation. The relevant agreement on cooperation in innovation development between the two central banks was signed on October 12, 2018, during the Annual Meetings of the International Monetary Fund and the World Bank Group in Nusa Tua, Bali, Indonesia," the statement said.

NBU Governor Yakiv Smolii and Chairman of the Board of the Bank of Lithuania Vitas Vasiliauskas signed the document.

The main objective of the document is to create a common framework for cooperation and exchange of experience and information on regulatory issues related to innovations in the field of financial services, market development trends (including the use of new technologies), as well as innovations in the field of financial services in the markets of Ukraine and Lithuania .

The agreement also provides for possible participation in joint innovation projects using key technologies such as digital and mobile payments, blockchain and distributed ledgers, big data, API platforms and other areas of new technologies.

The cooperation agreement will come into force on the day it is signed and will remain in effect for an unlimited period of time.

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