Published: 31.05.2024

On 29 May, the Supervision Committee of Latvijas Banka decided to issue an electronic money institution operating licence to the limited liability company TigSiPay.

The licence gives the right to issue electronic money and, in addition, to provide several payment services specified in the licence, including:

  • services that enable cash withdrawals from a payment account and the use of the payment account,
  • making payments, including direct debit payments and card payments,
  • issuing a payment instrument and accepting payments.

The companies willing to obtain authorisation for the provision of payment services are encouraged to use licensing roadmaps drawn up by Latvijas Banka. They provide detailed information on the requirements and the licensing process: the documents to be prepared and submitted to Latvijas Banka and the deadlines for the examination of the application, etc. Experts of Latvijas Banka advise businesses on the compliance of the desired business model with laws and regulations, the most appropriate possibility of licensing, etc.

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