Banks, Financial Services, Lithuania, Technology

International Internet Magazine. Baltic States news & analytics Tuesday, 21.05.2019, 12:01

Phase II of the LBChain project: Registration for FinTech companies has started

BC, Vilnius, 12.02.2019.Print version
The Bank of Lithuania starts the second stage of the LBChain project. FinTech companies seeking to develop or test a blockchain-based product together with leading experts are invited to apply for participation by 15 February.

LBChain is the world’s first blockchain-based sandbox developed by a financial market regulator (the Bank of Lithuania), combining technological and regulatory infrastructures. The platform will enable Lithuanian and international start-ups as well as financial and FinTech companies to gain new knowledge, carry out blockchain-oriented research, test and adapt blockchain-based services and offer state-of-the-art innovations to their customers. 

To create this platform, the Bank of Lithuania invoked service providers selected through a pre-commercial procurement. After the first stage, the Bank of Lithuania has selected three: UAB Deloitte verslo konsultacijos, IBM Polska Sp. z.o.o. and UAB Tieto Lietuva

During the second stage, the three service providers will be working on two tasks. First, they will join forces with the selected FinTech companies to create the LBChain platform. Second, together with the Bank of Lithuania, they will consult the FinTech companies on developing a specific blockchain-based product that would meet their needs. The FinTech companies will then be able to test this product within the LBChain environment.

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