Largest FinTech event of the year
FinTech sector development is one of the Financial and Capital Market Commission (FCMC) priorities in supervision of financial and capital market participants. With a view to facilitating financial innovations and strengthening the financial industry, the FCMC has implemented a number of initiatives to improve onboarding and licencing processes and further enhance the advisory capacity in the Innovation Hub.
Path towards the licence for the provision of crowdfunding services: the experience of CrowdedHero
In mid-August, SIA CrowdedHero Latvia (CrowdedHero) obtained the first authorisation to provide crowdfunding services in Latvia issued by the Financial and Capital Market Commission (FCMC). What was our company's path towards this licence?
FCMC issues the first EU-wide authorisation to provide crowdfunding services in Latvia to SIA CrowdedHero Latvia
On 16 August, the Board of the Financial and Capital Market Commission (FCMC) adopted a decision to issue the first authorisation to provide crowdfunding services in Latvia to SIA CrowdedHero Latvia in accordance with Regulation (EU) 2020/1503.
The key to European crowdfunding success lies in industries core principle – cooperation
Before we start, let’s make clear what is crowdfunding. In simple words, it is a fundraising tool that is used by private individuals or companies to raise funds from a crowd of people for different purposes, starting from simple as a local community raising funds to buy uniforms for a local kids' football team or a tech corporation raising millions for its strategic business development.
Possibilities of using the account information service and starting operation in Latvia
For several years already, Directive (EU) 2015/2366 of the European Parliament and of the Council on payment services in the internal market of the European Union, or the so-called PSD2 Directive, which introduced substantial changes to regulation in the field of electronic payments, has been in force.
Investor protection on crowdfunding platforms
Today citizens and businesses have wide-ranging opportunities to invest their free funds – someone invests in business, another makes use of the option to invest through licensed and supervised investment service providers, while another is prepared to take risk and lose funds with unregulated investment service providers.
Technologies that have a significant impact on FinTech sector development
There has been an overwhelming impact of technology on the financial sector over recent years. The sector players have been forced to give up conventional financial practices and to implement digital transformation through innovative solutions.
