Latvijas Banka is issuing an electronic money institution operating licence to SIA GR8 PAY

The licence empowers the holder to issue electronic money, make payments, and offer a payment instrument.

Nine licensed and one registered electronic money institution, as well as four licensed payment institutions currently operate in Latvia. This year, Latvijas Banka has issued licences to three electronic money institutions.

Companies seeking a licence from Latvijas Banka are encouraged to follow the licensing guides prepared by Latvijas Banka. These guides 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 legal framework and 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.