The licence empowers the holder to issue electronic money, make payments, and offer a payment instrument.
AP OPERATIONS SIA intends to issue electronic money for making payments, to be accepted by both legal and natural persons. The electronic money institution will offer its customers a possibility to create an electronic wallet, enabling them to make payments using electronic money. The service will enable the electronic money institution customers that make sales online to swiftly accept payments and settlements in euro.
Seven licensed and two registered electronic money institutions currently operate in Latvia.
Companies seeking Latvijas Banka's authorisation are encouraged to follow the licensing roadmaps prepared by Latvijas Banka. They 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 seamless licensing process, Latvijas Banka invites companies to take advantage of pre-licensing consultations. During these consultations, Latvijas Banka's experts will offer guidance to companies on the applicable regulations and required documentation, and will conduct an initial assessment of the company's compliance with regulatory requirements. Collaboration during the pre-licensing stage assists companies in preparing high-quality licence applications. Consultation requests can be submitted via Latvijas Banka's website.