After an ambitious foray into next-generation financial services exposed the Baltic nation to a substantial risk, Lithuania is tightening the screws on FinTech by bolstering oversight and adding resources.
Gediminas Simkus, who is in charge of regulating the industry that has made Lithuania a FinTech hub, talked up the effort to hire more people and put more focus on stopping money laundering and funding terrorism.
The effort to establish guard rails with new rules has been prompted by the rapid growth, which has also increased the resilience of the rapidly expanding ecosystem of payment companies.
Read More: EU’s Fintech Hub Tightens Supervision After Massive Expansion
