Following this announcement, the process of joining Fintech Hub LT represents an important step in Magnetiq Bank’s expansion strategy, continuing its commitment to working with fintech companies and startups across the Baltics and the European Economic Area (EEA).
The collaboration is expected to not only allow Magnetiq Bank to provide its comprehensive banking services architecture to the association’s members but also offer them the possibility to improve their operations in a single place. This process will save time and resources, while also promoting a more efficient and improved fintech sector.
Fintech Hub LT was established in order to unite and support licensed fintech companies in the region of Lithuania, protecting their interests and creating favorable conditions for their operations, development, and growth. At the same time, the enterprise focuses on promoting high standards of risk management and compliance, as well as improving customer satisfaction and experience.
Magnetiq Bank is a Latvian financial institution that aims to meet the needs, preferences, and demands of fintechs, startups, and ecommerce service providers by offering banking infrastructure, segregated accounts, and payment solutions to accelerate and support business growth.
The partnership between Magnetiq Bank and Fintech Hub LT is expected to strengthen cooperation between traditional financial institutions and fintech companies, driving progress in the local industry and overall optimisation of customer experience. Furthermore, the collaboration will strengthen the exchange of digitalisation and accelerate the expansion of Magnetiq Bank’s range of offerings.
Both companies will continue to focus on meeting the needs of customers and partners in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
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