Authorised electronic money institution licence (Latvia)
The Authorised electronic money institution licence is issued by Latvijas Banka (LB) under Law on Payment Services and Electronic Money. It can be passported to the other EU/EEA states by notification. The official register lists 12 current holders. The legal decision period is 15 working days completeness check, followed by 3 months decision period from receipt of complete application. The application fee is EUR 5,000 (standard) or EUR 450 (innovative PSP).
At a glance
| Official name | Authorised electronic money institution licence1 |
|---|---|
| Also known as | EMI · Latvian authorised EMI · Latvia e-money institution licence |
| Issued by | Latvijas Banka |
| Jurisdiction | Latvia |
| Licence family | Electronic money institution (EMI) |
| Legal basis | Law on Payment Services and Electronic Money2 Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions (EMD2)3 |
| Passporting | EU/EEA passport available |
| Application fee | EUR 5,000 (standard) or EUR 450 (innovative PSP)1 |
| Annual fee | EUR 7,000 plus up to 1.4% of gross revenue (or EUR 1,000 fixed for innovative PSPs in first 3 years)1 |
| Statutory decision time | 15 working days completeness check, followed by 3 months decision period from receipt of complete application1 |
| Public register | official register4 |
| Current holders | 124 |
What it lets you do
| Issuing electronic money | Issuing monetary value stored electronically against funds received, redeemable at par and accepted by third parties as payment. |
|---|---|
| Execution of payment transactions | Executing direct debits, card payments and credit transfers, including standing orders, from a payment account. |
| Money remittance | Receiving funds from a payer solely to transfer them to a payee or another provider, without opening payment accounts. |
| Issuing payment instruments and acquiring payment transactions | Issuing cards or other payment instruments to payers, and acquiring card and other payment transactions for merchants. |
| Payment initiation services | Initiating a payment order at the user's request from an account held with another provider, as in open banking. |
| Account information services | Providing consolidated online information on one or more payment accounts the user holds with other providers. |
Where it is valid
Cost
How long it takes
Statutory: 15 working days completeness check, followed by 3 months decision period from receipt of complete application1. Observed: not published. The statutory clock usually starts only when the regulator treats the application as complete, and pauses while it waits for answers to its questions.
Buying a company that already holds it
Prior approval required. Acquiring or increasing a qualifying holding reaching or crossing 10%, 20%, 33%, or 50% of capital or voting rights, or causing the entity to become a subsidiary, requires prior notification and approval from Latvijas Banka. Under Latvijas Banka Regulation No. 241 and the Credit Institution Law, the assessment period is 60 working days from receipt of a complete notification, interruptible once by up to 20 or 30 working days to request supplementary documents; Latvijas Banka evaluates reputation, financial soundness, and AML/CFT compliance before issuing approval.5
EMI in other countries
| Country | Licence | Regulator | Min. capital | Application fee | Statutory time |
|---|---|---|---|---|---|
| Czech Republic | Small-scale Electronic Money Issuer authorisation | CNB | n/a | CZK 10,000 | ~1 mo |
| Czech Republic | Electronic Money Institution licence | CNB | n/a | CZK 50,000 | ~3 mo |
| Estonia | Electronic money institution operating with an exception | FI | n/a | n/a | n/a |
| Estonia | Operating licence as an electronic money institution | FI | n/a | n/a | ~3 mo |
| Germany | Electronic money institution licence | BaFin | n/a | n/a | ~3 mo |
| Ireland | Electronic Money Institution Authorisation | CBI | n/a | n/a | n/a |
| Latvia | Registered electronic money institution | LB | n/a | EUR 2,500 | ~1.7 mo |
| Latvia | Authorised electronic money institution licence | LB | n/a | EUR 5,000 | ~3.7 mo |
| Lithuania | Electronic money institution licence for restricted activity | LB | n/a | n/a | n/a |
| Lithuania | Electronic money institution licence for non-limited activity | LB | EUR 350,000 | EUR 1,463 | ~3 mo |
| Luxembourg | Electronic money institution authorisation | CSSF | n/a | EUR 30,000 | ~3 mo |
| Malta | Electronic money institution licence | MFSA | n/a | EUR 15,000 | ~3 mo |
| Netherlands | Electronic money institution licenceElectronic money institution licence (Vergunning elektronischgeldinstelling) | DNB | n/a | EUR 6,800 | ~3 mo |
| Poland | Electronic Money Institution licence | KNF | n/a | EUR 1,250 | ~3 mo |
| Slovakia | Electronic money institution licence | NBS | n/a | n/a | n/a |
| Spain | Electronic money institution authorization | BdE | n/a | n/a | ~3 mo |
| United Kingdom | Small Electronic Money Institution (SEMI) Registration | FCA | n/a | GBP 1,130 | n/a |
| United Kingdom | Authorised Electronic Money Institution (AEMI) | FCA | n/a | GBP 5,640 | ~3 mo |
Values come from each licence's page, where every figure has its source.
Laws behind it
Sources
- bank.lv: licensed electronic money institution · retrieved 2026-09-24
- Latvian legislation portal (likumi.lv): 206634 · retrieved 2026-09-24
- EUR-Lex: CELEX 32009L0110 · retrieved 2026-09-24
- bank.lv: market participants · retrieved 2026-09-24
- bank.lv: procedure for the evaluation of qualifying holding · retrieved 2026-09-24
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