The Central Bank of Latvia has issued an electronic money institution operating licence to SIA GR8 PAY, authorising it to issue electronic money, execute payments and offer a payment instrument. The licence was granted by the Supervision Committee on 10 December. Latvia currently has nine licensed and one registered electronic money institution, alongside four licensed payment institutions, and the central bank has issued licences to three electronic money institutions so far this year. The central bank also pointed firms to its licensing guides and encouraged use of pre-licensing consultations to support application quality and compliance with the legal framework.
Central Bank of Latvia 2025-12-11
Central Bank of Latvia grants electronic money institution licence to SIA GR8 PAY
The Central Bank of Latvia has granted an electronic money institution operating licence to SIA GR8 PAY, allowing it to issue electronic money and execute payments. This brings the total to nine licensed electronic money institutions in Latvia. The central bank advises firms to utilize its licensing guides and pre-licensing consultations for better application quality and compliance.