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Wednesday, September 27, 2023
HomeNewsIn October, Riga will host Latvia Fintech Forum and the competition for...

In October, Riga will host Latvia Fintech Forum and the competition for fintech companies

On 10 October 2023, Riga will host the second Latvia Fintech Forum bringing together managers of fintech companies from Latvia and European countries, experts in finance and technology, investors and officials. On the Forum’s main stage, experts will discuss trending fintech topics, while in parallel, the novelty of this year’s Forum – the Fintech Factor competition for fintech companies – will take place.

The Forum is organised by Latvijas Banka together with the Investment and Development Agency of Latvia (LIAA).

“To facilitate the development of fintech companies and innovation in the financial sector, Latvijas Banka provides various support mechanisms, including consultations at the Innovation Hub and an opportunity to test innovative products in the Regulatory Sandbox, a smooth and understandable licensing process and educational events. Additionally, this autumn, we invite fintech companies to take advantage of a special opportunity – pitch their business idea to a jury of experts at the Fintech Factor competition and immediately receive advice that will help to develop their business,” points out Santa Purgaile, Deputy Governor of Latvijas Banka.

Fintech Factor competition for fintech companies

The competition is open to early-stage fintech companies operating in the areas of payment provision, crypto-assets, crowdfunding, lending, regtech, etc.

The deadline for submitting applications for the competition is 25 September. The application form is available on the website fintechforum2023.eu. The ten best applicants will be invited to participate in the Fintech Factor competition on 10 October. On the day of the competition, the representatives of each company will meet individually with the jury of the competition to pitch their business idea. The jury will evaluate their pitch and give advice on taking their business idea further. The authors of two best business ideas will reach the final of the competition and will be able to pitch their business idea on the main stage of the Fintech Forum in the afternoon of the same day and compete for the opportunity to win a prize provided by the investor – a capital injection into their company.

The competition is open to companies registered in Latvia, other Baltic States and European countries.

The jury of the competition will consist of experienced fintech experts, including Marine Krasovska, Head of the Financial Technology Supervision Department of Latvijas Banka, and Gary Palmer, President of Payall Payment Systems, Inc., investor and provider of the competition’s main prize.

A day before the competition, all competitors will have a chance to take part in a training session to learn how to successfully pitch their business idea and attract the attention of investors.

“The fintech industry comprises approximately a quarter of all Latvia’s start-ups, significantly contributing to the development of the Latvian economy. Most of Latvia’s fintech companies specialise in areas in demand such as payment provision, data and IT solutions, crowdfunding as well as blockchain technologies. Over six years, companies have attracted direct investments worth more than 400 million euro. The Fintech Forum is organised to create a platform where industry representatives can discuss the developments in the area both in the Latvian and global context. Such networking platforms provide many new ideas and development opportunities as well as improve the international visibility of the industry,” emphasizes Kaspars Rožkalns, Director General of the LIAA.

Fintech Forum: discussions on trending industry topics and networking

The first part of the Fintech Forum will feature several panel discussions on topics trending in the fintech industry – attracting investments to fintech companies, challenges in the world of crypto-assets, development prospects created by artificial intelligence. It is planned to look back at the progress made in the introduction of the fintech strategy and the developments in Latvia’s fintech environment. Kristīne Černaja-Mežmale, Member of the Council of Latvijas Banka, and Kaspars Rožkalns, Director General of the LIAA, will open the Forum.

In the afternoon, the final of the Fintech Factor competition and the award ceremony will take place on the Forum’s main stage. 

Meanwhile, the closing part of the Forum is dedicated to networking and consultations. The participants of the Forum will have an opportunity to consult the representatives of Latvijas Banka, the LIAA, AS Attīstības finanšu institūcija Altum, KPMG Baltics SIA and The Connector.

The Fintech Forum will take place in Riga, Gustava Zemgala gatve 74a, event space “Fantadroms”. Attendance is limited; therefore, visitors are kindly invited to register in advance by completing the registration form on the website fintechforum2023.eu. More information about the programme and participants of the Forum is also available there. 

The working language of the Forum: English.

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