LPB Bank has established the necessary infrastructure to provide a one-stop service to fintech companies. The bank has sufficient experience to help businesses launch smoothly and quickly while complying with the applicable legal and financial requirements and conditions.
In the wake of the Covid‑19 pandemic, the fintech industry has grown significantly, boosting demand for relevant services. Merchants pivoted into the online market, web-based sales of goods and services sharply increased, and support from financial institutions became essential. According to Staņislavs Siņakovics, head of the Sales and Regional Development Department at LPB Bank, the bank has been a long-time partner for e-merchants, amassing skills and experience in providing such services.
The Financial and Capital Markets Commission also supports servicing of fintech companies. The Commission has created a Financial Innovations Department and conducts webinars to introduce the requirements for servicing fintech companies. Everyone can familirize himself with LPB Bank experience providing fintech services by joining these webinars.
Any electronic payment institution may contact LPB Bank for help setting up a payments infrastructure and accessing SEPA, SEPA Instant, Target2 and other international payment systems. The bank has also created a set of specific APIs to provide all necessary services.
LPB Bank recently took part in Europe’s largest fintech convention, Money20/20 in Amsterdam, which gathered over 4000 participants from 1900 payment, banking, fintech and financial service providers. Private sector players presented their offerings alongside national stands, including those of our close neighbours Estonia, Lithuania and Poland.
The Lithuanian fintech community was represented by over 25 players, in addition to the LITHUANIA national stand combining 8 companies, including Invest Lithuania. The ESTONIA stand gathered 12 businesses, chief among them Finance Estonia and the Estate Guru crowdfunding platform. The FRANCE, POLAND and SPAIN national stands were also at the convention.
Comments Staņislavs Siņakovics: “The only participants from Latvia this year were LPB Bank and Confero Technologies, with no national stand present. We observed great interest in LPB Bank Banking as a Service (BaaS) concept.
During the event, we had meetings with the representatives of financial regulators from other EU countries. We talked to law offices that offer registration and legal assistance in obtaining EMI licences in their home countries. These companies are interested in cooperation with LPB Bank as a partner for BaaS.
Some have asked questions about EMI licensing and regulation in Latvia. However, publicly available information is insufficient yet sometimes contradictory – the number of licences granted in Latvia is relatively modest. There is no market opinion on fintech licensing in Latvia. Money 20/20 is a major systemic event in the fintech industry, and we plan to participate in it in 2023. Stand bookings for next year are already available, and the best spots are being dismantled quickly. The bank is coming forward with the proposal of gathering Latvian participants in a joint stand under the Latvian state flag.”