FCMC offers several support mechanisms to FinTech companies
At the Innovation Hub, financial sector businessmen and owners of innovative business ideas may receive free professional advice in the field of innovative technology not only in Latvian, but also in English. The FCMC experts provide advice on licensing and regulatory requirements to the companies wishing to introduce new products and services or expand their business, particularly in the segments such as payment institutions, crowdfunding platforms and services related to crypto assets.
In the Regulatory Sandbox, promoters of innovative ideas, project teams and start-ups may develop new business models or services in cooperation with the FCMC before offering them on the financial market or scaling their activities within the European Union. The Regulatory Sandbox is open to all financial service providers wishing to introduce innovative financial services or business models regardless of whether they are the supervised market players or newcomers. The Sandbox is a place for innovative solutions and models that neither have been offered in Latvia until now nor protected by existing regulation.
The Regulatory Sandbox may be used by investment firms, electronic money issuers, service providers in the fields of crowdfunding, crypto assets, payment services, as well as InsurTech (insurance technology) and RegTech (regulatory technology).
“In Latvia and the wider world, there are many talented people, who are rich in ideas and are able to build innovative FinTech companies. We’ll help them grow. We would like to have an innovative and modern financial sector in Latvia. We want strong FinTech companies to be born and growing in our country, which offer innovative services and products and are able to take them further to the global market. Our licence is a quality mark allowing to operate and provide services in all European Union states,” Santa Purgaile, Chairwoman of the FCMC, points out.
The FCMC has created the fintechlatvia.eu website, aggregating information on the FCMC support mechanisms and advantages for innovative financial sector companies in Latvia, where it is easy to apply for advice from the FCMC experts and find guidance on the steps for obtaining an operating permit in several segments: payment and electronic money institutions, crowdfunding, investment platforms.
The FCMC experts will provide useful advice and explain trends in FinTech to the financial market participants on the fintechlatvia.eu website. There will be also success stories of the Latvia’s FinTech sector participants.