On 18 June, the Supervision Committee of Latvijas Banka issued an electronic money institution operating licence to SIA Pace FS.
The licence empowers the holder to issue electronic money, make payments, offer a payment instrument, and accept payments.
Eight licensed and one registered electronic money institution, as well as four licensed payment institutions currently operate in Latvia.
Companies seeking a licence from Latvijas Banka are encouraged to follow the licensing roadmaps prepared by Latvijas Banka. These roadmaps provide detailed information on the licensing process and requirements, including the documents to be drawn up and submitted to Latvijas Banka, the application review deadlines, among other details.
To ensure a smooth licensing process, Latvijas Banka encourages companies to take advantage of pre-licensing consultations. During these consultations, Latvijas Banka's experts offer guidance to companies on the applicable regulations and required documentation, as well as conduct an initial assessment of the company's compliance with regulatory requirements. Collaboration during the pre-licensing stage helps companies prepare high-quality licence applications. Consultation requests can be submitted via Latvijas Banka's website.