The Baltic Finance Center facilitated a panel discussion at RIGA COMM 2024 on the topic “What should the next Latvia’s National FinTech Strategy look like?”. This timely conversation brought together key stakeholders from academia, industry, and government to shape the future of Latvia’s FinTech landscape.

In autumn 2024, the Ministry of Finance will work with stakeholders to develop a new national FinTech strategy as the current one expires. The creation of a strategy is crucial for ensuring coordinated sectoral development and aligning government policies with strategic goals.

To support this process with independent, evidence-based analysis, the Baltic Finance Center will publish a research report in November 2024. The report will take stock of the performance of the previous strategy, analyse best practices from other countries and provide recommendations for Latvia’s future direction. The panel discussed the key themes from the forthcoming report.

Many thanks to all the panelists:
Madara Ambrēna, Senior Researcher and Industry Advisor at RBS Baltic Finance Center
Alexander Apostolides, Lead Researcher at RBS Baltic Finance Center
Tina Luse Lūse, Managing Director,Fintech Latvia Association
Dina Buse, Deputy Director of the Financial Market Policy Department, Ministry of Finance of the Republic of Latvia
Marine Krasovska, Head of the Financial Technology Supervision Department, Latvijas Banka of Latvia

Key Insights of the discussion
Building on Past Success: The panel emphasized the importance of continuing the momentum gained from the previous strategy while shifting focus towards sector development and diversification.

Marketing Latvia’s FinTech Ecosystem: Industry stakeholders highlighted the need for clearer marketing of Latvia as an enabling environment for FinTech companies.

Regulatory Clarity: There’s a call for clearer application of regulations in certain areas to foster innovation and growth.

Strategic Leadership: Ensuring clear leadership and coordination among stakeholders was identified as crucial for the strategy’s success.

Aligning Vision with Action: Dr. Alexander Apostolides noted that nations aiming to become FinTech hubs must ensure all stakeholders’ actions align with the overall vision. He cited examples where regulatory innovations like sandboxes failed due to misalignment with the underlying legal framework.

As Latvia positions itself to become a leading European FinTech hub, this discussion provides valuable insights for shaping a forward-thinking national strategy. The Baltic Finance Center remains committed to fostering dialogue and research that supports Latvia’s FinTech aspirations.