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Obtaining a PSP (Payment Service Provider) permission in Latvia can be a complex and time-consuming process, but it is necessary if you want to offer payment services to customers in country and the European Union. Latvia is becoming an increasingly popular destination for PSP permission applications due to its favorable adjustment environment and modern infrastructure.
Here are some of the basic requirements you must meet:
Acquiring a PSP license in Latvia can be a profitable option for monetary companies controlling in the field of electronic remittance and e-money circulation. Here are some benefits to consider:
One of the success factors of the fintech industry in Latvia is a business-friendly legislative framework that makes it possible to work legally in this area. In addition, the government supports the development of this industry and tries to attract foreign investment for its further development.
Various areas of fintech industry are developed in Latvia, including:
To obtain a PSP license in Latvia, it is necessary to collect papers that will ensure the applicant’s compliance with the requirements of the law.
The main papers that must be submitted when applying for a PSP license in Latvia:
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