IFB at Latvia Fintech Forum 2024: New Horizons in Financial Innovation

In November 2024, the International Fintech Business (IFB) team participated in the Latvia Fintech Forum, a landmark event that brought together over 250 industry leaders, regulators, and innovators in Riga. This premier gathering provided valuable insights into Latvia's emerging position as a key fintech hub in Europe.

During the forum, we held productive discussions with representatives of the Bank of Latvia, who shared an inspiring vision for Latvia's financial future. Their commitment to transforming Latvia into one of Europe's financial centers strongly resonates with our experience in international financial markets.

The Bank of Latvia's forward-thinking approach, particularly highlighted by Marine Krasovska, Head of FinTech supervision department, demonstrated their innovative stance towards fintech regulation. Their emphasis on collaboration between regulators and businesses aligns perfectly with our vision of streamlined financial services.

Key Insights from the Forum:

• Latvia's fintech ecosystem has shown remarkable growth, now hosting 135 companies
• Strong regulatory support for innovation while maintaining high standards
• Direct SEPA access implementation for fintech companies
• Enhanced cooperation between regulators and industry players
• Supportive environment for international companies

The forum revealed Latvia's impressive progress in creating an attractive environment for financial institutions. With payments and digital solutions leading the sector (comprising over 44% of the market), the country is positioning itself as an ideal jurisdiction for innovative financial services.

What particularly caught our attention was the Bank of Latvia's commitment to facilitating the entry of international financial institutions. Their proactive approach to regulatory supervision and dedication to maintaining open dialogue with industry participants showcases Latvia's potential as a prime location for financial operations. Drawing on our deep understanding of the local regulatory environment, we assist companies in navigating the authorization process for digital financial services.