The Fintech Forum in Riga opened today with a strong call for collaboration between regulators, innovators, and investors as Latvia positions itself as a hub for financial technology in Europe. The event began with speeches from Mārtiņš Kazāks, Governor of the Bank of Latvia, and Ieva Jāgere, the Director General of the Investment and Development Agency of Latvia (LIAA).
Kazāks outlined the rapid expansion of fintech in Europe, noting that the sector is growing at an annual rate of around 15 percent compared with 6 percent in traditional banking. While fintech revenues currently make up only about 5 percent of the financial system’s total, he stressed that the potential is much larger. “Fintech today may look like a small stream next to a large and calm river, but this is a stream that is building its strength and that will cause new paths and will join the big river at some point, making it much more dynamic,” he said.
Latvia, he argued, has already taken steps to make itself attractive to fintech businesses. These include direct access for fintechs to the central bank’s payment system, a pre-licensing process for crypto firms, and the development of a “small bank license” with a lower capital requirement of one million euros compared with the standard five million. More than 15 crypto companies have already entered the pre-licensing process, and seven firms have connected directly to the central bank’s payment system, with ten more in the pipeline.
Kazaks emphasized that Latvia is not just a passive observer in fintech’s growth but an active participant. “We are not just observers of the fintech revolution. We are building the launchpad so that innovation can take off from Riga and expand the whole view,” he told the audience. He encouraged companies to think globally, embrace artificial intelligence and digital services, and prepare for upcoming changes in European regulation such as open finance.
The Governor also highlighted the need for cooperation, saying that regulation must evolve alongside innovation. He urged participants to engage with the central bank and public institutions if improvements were needed, underscoring that building trust and a supportive environment would be key to long-term success.
The second keynote came from Ieva Jāgere, the Director General of, LIAA, who took a more personal approach by reflecting on the challenges of building fintech companies. She recalled the difficulty of convincing regulators, investors, and even family members of the seriousness of new fintech ventures. Still, she stressed the strength of the local ecosystem. According to her remarks, Latvia now hosts around 130 fintech companies across digital lending, investment platforms, payments, and crypto. Licensed Latvian investment platforms alone account for between 20 and 24 percent of all non-banking investment volumes in the European Union.
Prominent firms such as Mintos, Debitum, and LendSecured are part of this group, and LIAA has supported the ecosystem through trade missions and international events. Just last week, 13 Latvian fintech companies participated in a trade mission to Germany, which she said drew strong interest from local partners. “Fintechs are moving so fast that by the end I will finish my speech, three new investment platforms will be launched and one will be solved,” she said.
Both speeches pointed to the same underlying theme: Latvia’s fintech sector is still small in size but growing quickly, with the potential to become an influential part of Europe’s financial system. The forum now turns to discussions on artificial intelligence, embedded finance, tokenization, and other innovations that could shape the industry’s future.
For regulators like the Bank of Latvia, the challenge will be maintaining accessibility while ensuring stability. For companies, the challenge will be scaling globally from a small domestic market. Today’s opening made it clear that both sides see the opportunities ahead, and both are calling for partnership to make them happen.
