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Society

Bank of Lithuania warns about false messages to Swedbank clients

The Bank of Lithuania reports that Swedbank clients are receiving false text messages about how Swedbank will supposedly cease operations on March 2, that their accounts will be transferred to another bank and an account number is presented to transfer funds. […]

Blockchain Centre Vilnius CEO Justas Šireika
Economy

Blockchain Centre Vilnius to be headed by Justas Šireika

Technology companies from 14 countries around the world, including Australia, China, Canada, Switzerland and others have established partnership with Blockchain Centre Vilnius (BCV), which was founded just a year ago. In an annual event hosted by the centre on January 23, blockchain technology experts from the World Trade Organisation, European Commission and Parliament, as well as Lithuanian institutions gathered to discuss the application of blockchain technology in international trade. During the event, Justas Šireika was introduced: he will be taking charge of the BCV, as well as a new start-up financing fund, according to a Blockchain Centre Vilnius press release. […]

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CORPORATE

M. Laurinavičius: Revolut is involved with the Kremlin from beginning to end

A month ago, Lithuania was the first country in Europe to grant a specialised banking license to the company Revolut, which caused member of Seimas Stasys Jakeliūnas suspicions. The MP contacted the Financial Crime Investigation Service (FNTT) and State Security Department (VSD), asking them to check the financial company’s business model and links to Russian politicians, lrt.lt writes. […]

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Economy

Icelandic payment entrepreneurs establish HQ in Vilnius

Paystra, a fintech company founded and financed by Icelandic payments experts, providing payment services, is establishing its headquarters in Vilnius, Lithuania, and plans to build a team of 30 professionals over the next two years. The company, led by two payment market veterans, will develop and deploy state-of-the-art electronic payment solutions for European merchants, a press release from Invest Lithuania states. […]

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Economy

A new money transfer startup goes to market donating its income for social campaign

Due to the growing financial awareness of the people, alternative money transfer platforms are coming more and more popular. At first, their popularity arose among abroad working people, who send money to their relatives or pay taxes. In recent years, the circle of legal entities using these services has also grown greatly. More and more people are searching for ways, not to overpay for banks and choose to make money transactions, by using money transfer platforms. In Lithuania, such platforms are quite a new innovation, but their initiative and obvious benefits attract bigger and bigger number of users, a press release from TurboTransfers states. […]

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Economy

Revolut turns new page with Lithuania-facilitated banking license

Today, Revolut together with the Bank of Lithuania have announced that the challenger bank received a Specialised Banking License, which will allow offering and passporting an even wider range of solutions to customers in Europe. The move of getting a license in mainland Europe has been considered by many a hedge against Brexit. Having received both the Specialised Banking license and Electronic Money Institution facilitated by the Bank of Lithuania, Revolut is now effectively safe from any decision regarding Britain leaving the EU. From 2019, Revolut will start accepting deposits and offering retail and business lending, making it an even bigger rival for traditional banks, a press release from Invest Lithuania states. […]

Dalia Grybauskaitė
Politics

Questions for the president about commercial and central banks’ actions in crisis investigation

The Seimas Committee on Budget and Finance will request President Dalia Grybauskaitė to answer questions on the financial crisis. She will be sent questions about the actions of commercial banks and the Bank of Lithuania by committee chairman Stasys Jakeliūnas. Former Prime Minister Andrius Kubilius criticises such pursuits and similarly to the president, describes S. Jakeliūnas as inadequate, lrt.lt writes. […]

Vitas Vasiliauskas
Economy

Crisis is not around corner but slowdown signs are visible, Lithuanian central banker says

Lithuania’s central banker says he sees no clear signs of an upcoming new economic crisis but warns about slowing growth. […]