Vitas Vasiliauskas: Financial innovation

Welcome remarks by Mr Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania, at the inaugural summit of central bank governors from China and the CEE countries, that focused on central bank cooperation, macroeconomic developments in the 16+1* countries, financial innovations and other issues, Budapest, 12 November 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Esteemed colleagues, Governors,

It is my pleasure to be here today and to address this distinguished panel. Before I start, let me just briefly thank our host Governor Matolcsy for his valuable insights. Building on some of the points raised, I would like to give the broad topic of central bank cooperation a somewhat more specific twist.

When talking about institutional cooperation, especially within such a diverse group of countries, we can indeed think of numerous possible layers for collaboration - from simple capacity building and information sharing to more complex aspects such as reserve management or bilateral swap lines. Yet in my remarks I will focus particularly on an emerging issue that we are still only getting to know - that is innovative financial technologies, or FinTech.

I believe that this topic is of equal interest both in Europe and China.