Financial Services, Latvia, Legislation, Loan

The association was established in June 2015. Its aim is to introduce higher standards in the industry, counter unfair commercial activities, and represent the industry's interests by collaborating with surveillance institutions and legislators, and getting involved in the policy-making process.

The association's head is Mintos CEO Martins Sulte.

"We will focus on three main directions. First, it is important to educate the public about the nature of these services, as the industry is relatively new. The second focus will be on fair commercial activities – taking into account that other lending platforms can step into the market as well, we will make sure they follow high quality standards. The third focus will be on working with the legislator and surveillance institutions," said Sulte.

Mintos was registered in Latvia in May 2014. The company issued its first loan in August 2014.

Twino.lv started working in Latvia at the end of May. The company belongs to the company OC Finance. The sole owner OC Finance is Finabay, a company that belongs to Armands Broks, according to "Firmas.lv" information. OC Finance also owns the fast loan company Open Credit.