TAIPEI, (TaiwanToday) – A memorandum of understanding was concluded on December 30 between Taiwan and Lithuania to expand cooperation and jointly develop innovative financial services.
According to the Financial Supervisory Commission, (FSC) the pact was signed by Constance Wang, head of Taiwan’s representative office in Lithuania, and her Lithuanian counterpart Paulis Lukauskas at a ceremony in Vilnius.
The pact includes provisions for the exchange of information on emerging market trends and development, as well as on regulatory issues regarding financial technology and innovation, the FSC said, adding that it also aims to foster cooperation on issues of mutual concern.
“The FSC said the MOU is part of the most recent wave of government efforts to enhance fintech cooperation with Taiwan’s like-minded partners around the world, and follows similar agreements with authorities in Canada, France, Israel and the US states of Arizona, New Jersey and New York.”
Equally important to those efforts is the FSC’s membership in the Global Financial Innovation Network since May 2019. The organization allows Taiwan to share experiences and learn from more than 90 other member organizations and supervisory authorities.
“Relations between Taiwan and Lithuania have been on the rise in recent years,” the FSC said, citing its approval of the Bank of Taiwan’s plan to set up a regional office in the Baltic state to expand financial collaboration. The MOU will further bolster cooperation and the exchange of experiences and information when it comes to spurring financial services innovation, it added.
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