Innovation hub
Encouraging the financial technology and business development!
The main advantages of the Innovation Hub
- You may receive professional advice in the field of innovative technologies from the best experts of Latvijas Banka.
- We will help you formulate ideas during the pre-licensing process and support the preparation of documents.
- We are open to the developers of new financial services, payment and electronic money institutions, crowdfunding and crypto-asset services providers, Open Banking participants, banks, RegTech companies and digital platforms.
- If you are a FinTech company wishing to provide services in Latvia, we will help you find the right licensing solution.
What kind of advice we give?
- Legislation
- Licensing
- Regulation
- IT security
- AML
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consultations in 2023
Development of FinTech is one of priorities of Latvijas Banka.
- FinTech is generally understood as technology-based financial innovation that enables the market participants to create a new business model or a way of applying it, a new process or service that changes the former approach. Innovation should focus on boosting competition and providing a high-quality, more efficient, faster and more advanced service to Latvian customers.
- One of Latvijas Banka's strategic directions is FinTech support as well as promoting the innovations in the financial system. In cooperation with other public institutions, Latvijas Banka aims to create a FinTech-friendly environment that would promote innovative financial services in Latvia and attract new market participants to provide these services.
Our objectives:
- to promote the development of FinTech environment,
- to provide support for new and existing financial market participants,
- to encourage an innovative and friendly environment in the financial sector,
- to ensure regulation and consumer protection,
- to identify and assess the risks to participants and outline supervisory measures,
- to improve regulation.
Latest technology innovation directions in the financial sector
API
Biometric solutions
Big data
Artificial intelligence
Machine learning
At the Innovation Hub, you will receive support at any stage of business development!
- We answer questions about whether a new service or business model could be subject to any financial sector regulation.
- We explain the supervisory requirements for the regulated financial sector and their application and compliance policies.
- We draw attention to the potential challenges that the initiators of business intent should solve in the course of further development.
- We consult about Latvijas Banka's approach to the introduction of innovative solutions, provision of financial services, monitoring, including the IT security.
- We provide support regarding licensing issues.
Consultations with experts of Latvijas Banka
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