Finance Latvia Association (Association) welcomes a new associate member – SIA “PayRay”. The company was founded in 2020 and is a subsidiary of the Lithuanian credit institution “PayRay Bank” UAB, incorporated and licenced in Lithuania. SIA “PayRay” renders business financing services from short-term and long-term business loans to leasing and factoring. As associate member SIA “PayRay” will participate in the Leasing Committee and in the Debt Collection Working Group.  

“Finance Latvia Association is committed to improve the business and financial services environment in Latvia through cooperation with the state and non-governmental sectors and other industry partners, as well as to enhance the international reputation and competitiveness of Latvia’s financial sector. We appreciate the accession of a new associate member whose aims, interests and values match our vision and basic principles”,

emphasises Sanita Bajāre, Chairperson of the Board of Finance Latvia Association.

“It is a great honour for us to be part of Finance Latvia Association and to target our operations and use the international experience of PayRay Bank for expanding access to financial services for a wide range of local businesses”,

comments Mareks Basankovičs, SIA “PayRay” Branch Manager.

All associate members, likewise members of the Association must confirm their readiness to accede to the Association’s self-regulation documents (Latvian Banking Sector Good Practice Guidelines and  Policy and Guidelines for the Prevention of Money Laundering and Terrorism Financing and Adherence to Sanctions) based on the operating specifics of each particular legal entity. The attainment of the Association’s goals in its priority areas of operation are ensured by committees and working groups staffed by Association’s members – experts of the relevant field. The task of the committees is to facilitate branch-specific strategic development and to implement targeted measures. For more detailed information on becoming a member or associate member of Finance Latvia Association please consult our webpage or contact the Board.

Finance Latvia Association is a public organisation representing the Latvian financial sector at national and international level. Currently the Association has 35 members, and it operates in accordance with its Articles of Association approved by the Association’s Members Meeting..  The Association was founded on 23 July 1992 and is one of the oldest business organisations in Latvia.


Sabīne Spurķe
 +371 20604166
Head of Communications
Finance Latvia Association

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