The Future of Finance: Latvia’s Fintech Forum 2023
"The future economy is unthinkable without a strong and powerful fintech sector," asserts Mārtiņš Kazāks, Governor of Latvijas Banka. His statement underscores the growing recognition of fintech as a cornerstone of economic development. The Latvia Fintech Forum serves as a pivotal platform for both policymakers and entrepreneurs, inspiring them to explore new pathways for the expansion of the fintech sector and its meaningful contributions to economic growth.
Opening Remarks and Collaborative Efforts
The forum will be inaugurated by Viktors Valainis, the Minister of Economics, setting the stage for a day filled with insightful discussions and networking opportunities. Organized by Latvijas Banka in collaboration with the Investment and Development Agency of Latvia (LIAA) and the Investment and Tourism Agency of Riga (RITA), this year’s forum will delve into the development of the fintech sector in Latvia while also examining trends both in Europe and globally.
Regulatory Innovation and Growth Potential
Raivis Bremšmits, Director General of LIAA, emphasizes the innovative regulatory environment established by Latvia’s financial market supervisor. This regulatory testing framework allows fintech companies to validate their products and services before obtaining licenses, creating a competitive edge for businesses already operating in Latvia. This initiative not only fosters local innovation but also attracts foreign investment, positioning Latvia as a burgeoning hub for fintech start-ups. Notably, approximately 25% of all Latvian start-ups are engaged in the fintech sector, highlighting its significance in the national economy.
Panel Discussions: Achievements and Future Strategies
The forum’s first panel discussion will feature prominent figures such as Mārtiņš Kazāks, Fredis Bikovs, and representatives from the financial sector, including Pēteris Daliņš and Valdis Siksnis. Together, they will assess the achievements of the fintech sector in Latvia and outline future opportunities and necessary steps. This discussion is particularly timely as the country prepares to develop a new fintech strategy, aiming to harness the sector’s potential for further growth.
Fredis Bikovs, Director of RITA, points out the essential role of Riga in the fintech landscape. He notes that the city possesses all the necessary conditions for fintech companies to thrive, including a supportive regulatory environment, municipal support programs, and a rich talent pool. These elements are crucial for fostering innovation and ensuring that Latvian fintech firms can compete on an international scale.
Exploring Current Trends and Innovations
The second panel discussion will focus on current fintech trends, evaluating which innovations are poised to have the most significant impact on the sector over the next decade. One of the most transformative forces in this arena is the advancement of artificial intelligence (AI). As AI technologies continue to evolve, they are expected to reshape the financial sector and the broader economy in profound ways.
In light of this, the forum’s third panel discussion will specifically address the implementation of AI within the financial sector. Experts will share insights on how AI can enhance operational efficiency, improve customer experiences, and drive innovation in financial services.
Spotlight on Start-ups: The Fintech Competition
A highlight of this year’s Fintech Forum will be the fintech start-up competition organized by accelerator Tenity. Attendees will have the opportunity to witness the pitches of the competition finalists, showcasing innovative ideas and solutions that could redefine the financial landscape. The event will culminate in an award ceremony, celebrating the creativity and entrepreneurial spirit of Latvia’s fintech community.
Networking Opportunities
As the forum draws to a close, participants will have the chance to network and forge connections with representatives from the fintech ecosystem, both from Latvia and other European countries. This networking session is invaluable for fostering collaboration, sharing ideas, and exploring potential partnerships that can drive the fintech sector forward.
Event Details
The Fintech Forum will take place at Mazā Ģilde, Amatu iela 5, in Riga. Interested individuals are encouraged to register at fintechforum.lv, where the full program is also available. Attendance is free of charge, making it accessible for anyone interested in the future of fintech.
This year marks the third iteration of the Latvia Fintech Forum, which aims to bring together around 250 representatives from the fintech ecosystem. Participants will include entrepreneurs, potential market entrants, investors, consultancy and legal service providers, and policymakers focused on the financial sector and start-up development. The forum promises to be a significant event in the calendar for anyone invested in the future of finance in Latvia and beyond.