Regulatory Alerts2026-07-09
Added · Updated
Bank of Latvia Issues E-Money Institution License to SIA MOIN Payments
The Bank of Latvia issued an e-money institution license to SIA MOIN Payments on July 8, authorizing it to provide account-free money transfer services. This approval brings the national total to 12 licensed and one registered e-money institution, alongside ten licensed payment institutions, reflecting a steady increase in regulated payment entities. The central bank directs prospective applicants to its official licensing guidelines and pre-licensing consultations to ensure regulatory compliance and streamline the approval process.
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Supervisory News
On July 8, the Supervisory Committee of the Bank of Latvia decided to issue an e-money institution license to SIA MOIN Payments, with the right to additionally provide the payment service – account-free money transfer.
Currently in Latvia there are 12 licensed and one registered e-money institution, as well as ten licensed payment institutions. The number of e-money institutions and payment institutions in Latvia is gradually increasing – this year the Bank of Latvia has already issued four licenses to e-money institutions and five licenses to payment institutions, while in 2025 three companies received e-money institution licenses.
Companies wishing to obtain a license from the Bank of Latvia are invited to use the licensing guidelines prepared by the Bank of Latvia, which contain detailed information on the licensing process and requirements, including what documents need to be prepared and submitted to the Bank of Latvia, application review timelines, and other information.
To ensure a smooth licensing process, the Bank of Latvia invites companies to use pre-licensing consultations. During these consultations, Bank of Latvia experts advise companies on applicable regulations and initially assess the company's compliance with regulatory requirements. Cooperation during the pre-licensing phase helps companies prepare high-quality applications for license issuance. Consultations can be registered for on the Bank of Latvia's website .