Pension management company IPAS Indexo (hereinafter – INDEXO) which is currently working on development of a new bank, has chosen Nets, part of Nexi Group, to be a provider of full suite of card issuing services. INDEXO will benefit from an affiliate VISA licence under Nets VISA licence and leverage the extensive issuing knowledge and resources of Nets.

“Enabling card issuing is an important milestone for us in bank creation process. We needed a reliable partner who can combine the highest security and service standards of card issuing services, and same time remain flexible and modern to contribute to our overall product development for future INDEXO Bank customers. Cooperation with Nets will allow us to develop convenient card user experience for our customers,” says Vladimirs Bolbats, INDEXO Head of Retail banking.  

Henrik Anker Jørgensen, CEO of Nets Estonia AS and Head of Baltic Region at Nets Group added, “Nets is delighted to support INDEXO’s development of a new bank by providing critical issuing services. Entering into this partnership strengthens our position as the leading PayTech enabler in Europe, which in turn will help build up the Latvian economy, to not only improve the lives of Latvian citizens but enhance the global economy as a whole.”

As previously reported, in parallel to pension management, INDEXO has been actively working on a new commercial bank project and at the end of last year filed for a banking license. INDEXO is also working on the new banks’ product portfolio, development of its IT systems and risk management models as well as other matters related to the operations of the would-be bank.

Disclaimer: Bank (credit institution) license is subject to authorization granted by the European Central Bank based on the Bank of Latvia proposal.