Latvia-based Magnetiq Bank has signed a collaboration agreement with the Fintech Latvia Association (FLA). Magnetiq Bank focuses on serving fintech companies by offering banking infrastructure for business development.

This is one of the first such agreements that an organisation representing the fintech sector has concluded with a Latvian commercial bank. Joining FLA is a significant step in Magnetiq Bank’s 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.

Officials from the FLA said 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. In a reply, representatives from Magnetiq said they are happy to join the Fintech Latvia Association. This demonstrates the bank's commitment to strengthening cooperation with the fintech industry and fostering innovation in Latvia's financial sector.

They are confident that collaboration between the bank and financial technology companies is essential for the industry's growth, and it will provide them with excellent opportunities to share experiences, promote cooperation, and jointly create new, innovative solutions for their clients. Magnetiq Bank will actively cooperate with FLA to promote innovation and develop new financial solutions that meet the growing needs of their clients. What does Magnetiq Bank do? Magnetiq Bank is dedicated to meeting the unique needs of fintechs, startups, and ecommerce service providers.

They offer banking infrastructure, segregated accounts, and payment solutions to support business growth. Their goal is to foster the development of the startup and ecommerce sector by leveraging innovative technologies and providing exceptional customer service. As a part of the Signet Bank group, their sole shareholder is Signet Bank – a Latvian investment bank, which is committed to financing local entrepreneurs and attracting investments for their businesses.

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