On September 11, 2024, during a visit to Latvia organized by Latvijas Banka, experts from the Single Supervisory Mechanism (SSM) met with Magnetiq Bank. During the meeting, the experts discussed current FinTech sector trends and various aspects of banking regulation and exchanged insights on experiences from different countries.
The event was opened by Roberts Idelsons, Chairman of the Council of Magnetiq Bank and Chairman of the Board of Signet Bank: “Ongoing dialogue between financial industry experts, regulators, and financial institutions is essential to foster collaboration and innovation. Today’s meeting is a chance to share insights and experiences and address critical challenges and opportunities we all face in integrating fintech into the traditional banking landscape. Our responsibility is to ensure that the regulatory framework evolves alongside the rapid pace of technological innovation, safeguarding both customers and the industry. Magnetiq Bank is happy to contribute to this dialogue and support the sustainable development of the fintech sector in Latvia and beyond.”
The discussion was led by Marine Krasovska, Head of the Financial Technology Supervision Department at Latvijas Banka, who emphasized the importance of dialogue: “The FinTech environment is evolving rapidly, and collaboration between supervisory experts and financial institutions is crucial to finding the most appropriate solutions that ensure effective oversight, customer protection, and the simultaneous development of the sector. Latvijas Banka supports responsible growth in FinTech by providing a balanced regulatory approach that fosters innovation while maintaining financial stability.”
Staņislavs Siņakovičs, Head of the Business Development Department at Magnetiq Bank, and board member Sandra Rituma provided an overview of the services available to FinTech companies and the risks and regulatory challenges faced by the FinTech industry, particularly at the EU level. During the discussion, participants discussed the opportunities and challenges in Latvia and the EU in integrating FinTech innovations into traditional banking operations.
About AS Magnetiq Bank AS Magnetiq Bank is a Latvian credit institution whose strategy focuses on serving the needs of FinTech companies, startups, and e-commerce service providers by offering banking infrastructure, segregated accounts, financing, and payment solutions. The bank’s mission is to foster the growth of the startup and e-commerce sectors through innovative technologies and exceptional customer service. Magnetiq Bank is part of the Signet Bank group, with Signet Bank AS, Latvia’s leading investment bank, as its sole shareholder. Signet Bank AS specializes in financing and attracting investments for local entrepreneurs and their businesses.
