field – primarily in terms of coordinating a more coherent international approach towards fintech and assisting member countries in constructing their domestic policy frameworks. while the multilateral response is useful and creates ground for the spread of best - practices across borders, authorities must do their part domestically too – especially when bearing in mind that most international initiatives are still at an early stage. it is therefore up for each regulator to choose their own standpoint on fintech. in this vein, i will briefly present the approach that we have adopted and been implementing at the bank of lithuania. what we do is position ourselves not merely as a watchdog, but also as a supportive regulator. in practice, this attitude is reflected in formats such as the ‘ newcomer ’ program, which is a one - stop shop for new market entrants, providing consultations and advice on establishment, licencing and related issues. we have also recently launched a regulatory ‘ sandbox ’, which aims to facilitate and encourage the development of innovative financial products. at the same time, it allows building know - how and constantly upgrading our regulatory and supervisory instruments. we are also among the few countries that provides non - bank financial entities direct access to central bank payments infrastructure – what we call ‘ centrolink ’. for fintechs, this eliminates the need for intermediaries, placing innovative firms that choose to enter the market on equal footing with the established players, thus boosting competition in the financial sector. going further, lithuania boasts one of the quickest and most cost - competitive fintech licencing regimes across europe, coupled with a broad choice of business models – from e - money and payments institutions to specialized banks. and what you get is not simply a lithuanian licence – it gives you access to the whole single euro payments area. despite the speed and flexibility of our licencing regime, we maintain the highest standards and a strict and responsible overall outlook when it comes to risks, especially in the aml / cft field. lithuania ’ s favorable regulatory environment has been recognized internationally and allowed lithuania to become one of main gateways for third country fintechs to enter the european payments and banking markets. entities with origins ranging from the us to singapore have already used this gateway. a substantial part of third country firms choosing to enter the european market via lithuania come from asia and china in particular. in fact, several chinese e - money and payments institutions have already established presence in our country, with more currently in the consultative phase.

frameworks, anchored inflation expectations and further developed local currency sovereign debt markets. this enabled them to step into terra incognito with asset purchases when the crisis hit. such experience confirms that strong fundamentals constitute the first line of defence for eme central banks against potential shocks. as the emerging market sell - off in 2018 or the 2013 taper tantrum tells us, capital flows to emes are vulnerable to advanced economy central bank policy movements, particularly by the us fed. therefore, now is the time for emes to further strengthen their monetary policy frameworks – and build on their hard - won monetary policy independence. international institutions, such as the imf, are there to assist countries through programmes or capacity - development. imf programmes for emerging markets often stress the need to safeguard central bank independence and strengthen monetary policy frameworks, which can substantially support emes under stress. moving forward, we can see the contours of what needs to be done to prepare for the postpandemic economy. but this brave new world may look different than we currently imagine. some have suggested that we are entering uncharted waters, which may require novel ideas and bold action. i thus hope that we can return to this topic and continue our dialogue. meanwhile, i wish you an enlightening and enjoyable conference. 3 / 3 bis central bankers'speeches