With the growth of digital financial services in Europe, fintech companies are looking for reliable and strategically advantageous jurisdictions to launch and scale their business. Obtaining an Electronic Money Institution (EMI) license in Latvia is a gateway to accessing the entire European Economic Area (EEA) market with just one license.

An Electronic Money Institution (EMI) license allows a company to:

• Issue electronic money;
• Provide payment services (including transfers, acquiring, mobile payments);
• Operate across the entire EEA without the need for additional authorizations in other EU countries.

As an EU member state, Latvia offers a transparent, efficient, and competitive licensing process through Latvijas Banka — the central financial regulator. Key advantages include:

• Full access to the EU market;
• Clear and straightforward application procedure;
• Relatively low operating costs;
• Active support from the regulator.

1. Preliminary submission and alignment (1–2 months):
Submission of company structure, shareholders, funding sources, and business plan to Latvijas Banka.

2. Internal policies and final documentation (2–4 months):
Preparation of the complete package — AML/CTF policy, financial model, GDPR compliance, IT security, business strategy.

3. Formal submission and regulator engagement (2–3 months after approval):
Filing the final dossier, responding to queries, and attending meetings.

4. Post-licensing support:

• Hiring of MLRO and key personnel, establishing a physical office, and ensuring legal and tax compliance.