New name, new start for banking association

The Association of Latvian Commercial Banks announced July 25 it is changing its name and expanding its activities to become the Finance Latvia Association.

"The expansion of the Association and the change of its name are part of the organisation’s development strategy aimed at becoming a broad platform for cooperation in finance, technology and related industries, as well as for interest representation in Latvia, the Baltics and Europe. The Finance Latvia Association invites fintech start-ups, experienced finance companies and businesses in related industries to join the organisation by becoming associate members or members," said a release about the new direction.

“We realised the need for changes as well as our ability to unite the industry and facilitate a high-quality discussion some time ago — for instance, in 2017 we ensured a united position among market participants about the future of the European Union’s financial market and the development of financial technologies. Questions are appearing more often on the association’s agenda for which we need collaboration between the financial and technology industries, as well as other related industries... closer cooperation would allow for quicker decision-making in matters essential to the financial sector,” Sanda Liepiņa, the head of the Finance Latvia Association said in explaining the decision. 

By the end of the summer a new visual identity will be created.

Every associate member or member has to prove their readiness to adhere to the Social Charter and Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) initiatives, the organization said.

Details of membership terms can be found at the home page.

 

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