In today’s dynamic financial landscape, the Baltic region has become a vibrant center for fintech innovation.
Estonia, known as one of the most advanced digital countries in the world, has more unicorn companies per capita than any other country in Europe, offers an entrepreneurial-friendly business environment, and has the best tax system in the world, according to the OECD’s International Tax Competitiveness Index.
Lithuania’s fintech market stands out for its cost-effective business environment, cutting-edge digital infrastructure, and thriving fintech ecosystem with a skilled talent pool, making it one of the most attractive fintech hubs in Europe.
Latvia is favorable for its political climate, zero corporate income tax on reinvested income, strong government and central bank support, and fintech-friendly regulations.
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Becoming a Pan-Baltic powerhouse
Recognising these opportunities early on, Sorainen became the first fully integrated pan-Baltic law firm, working in unity for a single goal – helping clients succeed in business. Also, Sorainen has a recognised affinity for supporting fintech companies from their inception throughout their lifetime on all legal matters.
“Currently, the use of new technologies in providing financial services is growing rapidly, presenting new legal challenges. The Digital Operational Resilience Act came into force in the EU, affecting almost the entire financial sector. In Europe and the Baltics, crypto-asset issuers and service providers must comply with the new EU regulations. We also see many interesting new cooperations – technology in combination with finance seems to be everywhere,” explains Hetti Lump-Kivisaari, Counsel at Sorainen, specialising in advising financial institutions on legal and regulatory matters.
“At Sorainen, we are dedicated to delivering actionable and practical legal advice that meets our client’s exact needs and exceeds expectations in client experience by leveraging our deep understanding of the law, extensive experience in working with the financial sector and strong, smoothly-working team. We help our clients effectively navigate through legal requirements, licensing, development of new products and expanding to new markets.”
Beyond Compliance: Comprehensive Legal Advice
Navigating this evolving regulatory environment requires strong local, regional, and global insights. For fintech companies, legal support now extends beyond traditional compliance, incorporating market knowledge, licensing requirements, and technical expertise.
“Effective legal advice requires understanding each client’s unique needs and expectations,” Hetti Lump-Kivisaari notes. “At Sorainen, we go beyond legal and compliance to deliver holistic solutions aligned with client’s strategic goals. Our focus on fintech stems from understanding its potential to transform financial services. “
To further support new ventures, Sorainen organises free pan-Baltic legal clinics for start-ups as well as training and other events on a wide range of relevant topics. That way Sorainen helps startups avoid common pitfalls and establish themselves in the competitive fintech ecosystem.
Like its innovation and technology-driven clients, Sorainen also employs cutting-edge technologies and AI to share experience and know-how between its offices and teams. Taking innovation a step further, Sorainen launched its in-house AI tool, AiVar, in August 2024. AiVar automates routine legal tasks, aids in content creation, and supports strategic planning, boosting productivity and efficiency.
Modern Solutions for Modern Problems
“As fintech evolves, we remain committed to staying at the forefront of legal and technological developments. Our investment in AI and our deep understanding of the Baltic market as well as financial services regulations uniquely positions us to support fintech companies in achieving their goals. At Sorainen, we don’t believe in just providing legal advice—we develop long-term close partnerships with our clients to help them succeed,” Hetti Lump-Kivisaari concludes.