Magnetiq Bank, JSC
Magnetiq Bank has joined the Fintech Hub LT association, becoming the first Latvian bank to partner with this organization.
The realm of payment systems is currently undergoing a revolution, providing businesses with new opportunities to enhance their financial operations, cut costs, and improve the security and efficiency of transactions.
In this article, we’ll take a deep dive into three crucial aspects of today’s financial landscape: payment systems, correspondent banks, and the Visa B2B Connect platform. We’ll explore how these technologies and services are reshaping the business world and how financial institutions can take advantage of them.
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.
AS Magnetiq Bank, the Latvian bank dedicated to meeting the unique needs of FinTechs, startups, and e-commerce service providers, has achieved a significant milestone by becoming one of the early adopters across Europe to offer Visa B2B Connect.
Did you know 🟪🟢Magnetiq Bank caters to a diverse range of clients, each with unique financial needs?
Our deep understanding and commitment to supporting various financial needs mean we cater to a broad spectrum of client types, each with unique requirements and potential.
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.
🟩Safeguarding Account is a specialized account that allows fintech companies to hold their clients’ funds separately from their circulating assets. This is particularly important for businesses bound by strict regulations, such as investment funds, insurance companies, brokers, and payment service providers.
After receiving approval from Latvijas Banka, new board members Sandra Rituma, Edgars Valmers, and Maksims Leščinskis started serving on the AS Magnetiq Bank board.
Sandra Rituma will oversee the fields of anti-money laundering and combating the financing of terrorism and proliferation (AML/CFT), sanctions risk management, operational compliance, and e-commerce risks.
The Latvian Blockchain Association (LBAA) has signed a cooperation agreement with AS Magnetiq Bank, which has become the organization’s official partner in the banking sector. This is the first agreement of its kind that a blockchain industry representative organization has made with a Latvian commercial bank.