Published: 06.10.2023

On 4 October, the Supervision Committee of Latvijas Banka decided to issue an electronic money institution operating licence to SIA xpate.

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

  • outgoing and incoming payments – both credit transfers and the receipt of payments;
  • offering a credit limit for payment execution;
  • issuance of payment cards.

The company intends to use the opportunities provided by technologies and the second Payment Services Directive or PSD2, to focus on the accessibility of the services offered to business customers as well as to offer services to individuals.

Operation in the European Union Member States will be possible once the company has informed Latvijas Banka about its wish to start the provision of payment services in another European Union Member State.

The companies willing to obtain authorisation for the provision of 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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