Magnetiq Bank becomes the first bank to join the FinTech Latvia Association

The FinTech Latvia Association (FLA) has signed a cooperation agreement with AS Magnetiq Bank. The bank focuses on serving FinTech companies by offering banking infrastructure for business development. This is the first such agreement that an organization representing the FinTech sector has concluded with a Latvian commercial bank.

Joining FLA is a significant step in Magnetiq Bank growth and confirms its interest in and willingness to collaborate with FinTech companies and startups. The bank will offer its banking service architecture to the association's members, enabling them to start and develop their businesses "under one roof," saving time and resources.

Tīna Lūse, Managing Director of the FinTech Latvia Association, stated: "Banks focused on serving FinTech companies are a crucial component in promoting the development of new and innovative financial services, thereby enhancing financial inclusion and literacy in society."

Antons Kononovs, Acting Chairman of the Board of Magnetiq Bank, commented: "We are delighted that Magnetiq Bank has become the first bank to join the FinTech Latvia Association! This significant step demonstrates the bank's commitment to strengthening cooperation with the FinTech industry and fostering innovation in Latvia's financial sector. We are confident that collaboration between the bank and financial technology companies is essential for the industry's growth, and it will provide us with excellent opportunities to share experiences, promote cooperation, and jointly create new, innovative solutions for our clients. Magnetiq Bank will actively cooperate with FLA to promote innovation and develop new financial solutions that meet the growing needs of our clients."

About Magnetiq Bank:

AS Magnetiq Bank, a Latvian bank, is dedicated to meeting the unique needs of FinTech, startups, and e-commerce service providers. We offer banking infrastructure, segregated accounts, and payment solutions to support your business growth. Our goal is to foster the development of the startup and e-commerce sector by leveraging innovative technologies and providing exceptional customer service. As a part of the Signet Bank group, our sole shareholder is Signet Bank AS – the leading investment bank in Latvia, which is committed to financing local entrepreneurs and attracting investments for their businesses.

About FLA

FLA is a non-governmental organization that brings together non-bank sector and financial technology-based financial service providers to represent and implement their interests at national and international levels. It promotes the sustainable development and growth of the Latvian financial sector.

The Association's mission is to create a trusted, responsible, and long-term cooperation-oriented industry practice that consumers and market regulatory institutions positively evaluate. It also respects the opportunities provided by financial technology companies and non-bank sector service providers for economic growth.