INDEXO has supplemented application for a banking license and plans to commence piloting banking services
The pension management company IPAS Indexo (hereinafter - INDEXO), which has submitted application documents for obtaining the banking license for INDEXO Bank, received a request from the Bank of Latvia on April 12 to submit additional information, as a result of which the deadline for the previously specified licensing decision, April 22, was extended. According to the licensing process timeline, INDEXO Bank plans to commence the pilot of its first banking services to be ready to commence operations this summer.
"The process of licensing a new bank is complex because regulators need to ensure the stability and sustainability of the new financial institution. Requests for additional information and associated deadline extensions are common practice. Nevertheless, we believe that we are in the final phase of the licensing process and plan to start piloting banking services so that we can fully serve the first clients of the new bank this summer," says Valdis Siksnis, Chairman of the INDEXO Board and one of the founders.
INDEXO has submitted a complete package of licensing documents for review by regulators, and the necessary capital for the operation of the new bank has been secured.
As previously reported, since mid-2022, INDEXO has been developing the project for the establishment of a new bank, and the Bank of Latvia is currently reviewing its licensing application. Throughout 2023 work has been completed on a secure and modern banking IT infrastructure. INDEXO Bank's mobile application has been developed with all necessary integrations for an impeccable customer experience. Additionally, fundamental products for individuals have been created, including current accounts, payments and cards, savings accounts and deposits, loans and, of course, convenient administration for third-pillar pensions. Upon receiving the license, INDEXO Bank will commence its operations serving individuals, while services for businesses will be developed in 2024.
About INDEXO:
INDEXO is an asset management company licensed by the Bank of Latvia, which offers modern 2nd and 3rd pillar pension saving plans in Latvia. INDEXO is the fastest growing pension management company in the Baltics with more than 131 thousand customers and more than 1,05 billion euros of assets under management.
INDEXO is a Nasdaq Riga Stock Exchange listed company with close to 6000 shareholders and has an aim to fight for a better financial environment in Latvia. INDEXO vision is to become a financial services group that empowers Latvia’s people to achieve prosperity by providing modern, personalized services. Additional information is available at www.indexo.lv.
Contact information:
Ieva Bauma
IPAS “Indexo” Board Member, Marketing Manager
E: ieva.bauma@indexo.lv
T: + 371 28 636 789
www.indexo.lv
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