AFSA and Bank of Lithuania sign Co-operation Agreement to promote innovation in financial services

The Astana Financial Services Authority (“AFSA”) has established cooperation with Bank of Lithuania.

Agreement provides a framework for co-operation, information sharing and referrals in fintech innovations area between the AFSA and Bank of Lithuania. Parties believe that through co-operation with each other, they will be able to further the promotion of innovation in their respective markets. In this light, the framework also anticipates potential development of joint innovation projects on the application of key technologies such as digital and mobile payments, blockchain and distributed ledgers, big data, flexible platforms (API), and other areas of new technologies and services.

Both parties have strong innovation functions and teams within their authorities aimed to support companies in their endeavor to develop and implement technological innovations. Accordingly, joining forces in this field will open more opportunities for innovation companies in both jurisdictions.