Nauris Bloks, Education Initiative Lead at the Baltic Finance Centre

Financial technologies, or FinTech, are rapidly becoming a part of our daily lives – from making purchases and transactions to managing payments, all with just a few clicks. The ability of countries to foster a favourable environment for this high-potential sector will play a key role in determining their future economic competitiveness – and the global race is already well underway.

Do we, in Latvia, truly want to develop our FinTech industry? There are encouraging signs: politicians and representatives of the Bank of Latvia have spoken of the need to promote new market entrants and enhance competition to ensure better and more accessible financial services for everyone. A national FinTech development strategy is currently being crafted to pave the way for Latvia to transform into a FinTech hub for the Baltic and Nordic regions. Despite our small domestic market, even small countries can become FinTech powerhouses thanks to the industry’s strong export potential. However…

A chronic shortage of qualified professionals in Latvia has so far hindered a true FinTech breakthrough. It is not the only factor, but certainly a major one. Having worked in this field for over a decade, I can confidently say that the lack of skilled professionals and the long time needed to train new employees slow down the growth and competitiveness of fintech companies in the global market. This is one of the reasons why successful Latvian start-ups often choose to relocate their operations abroad.

It’s clear that academic efforts alone won’t suffice. University programme renewal cycles are too slow compared to the dynamic pace of technological change and FinTech business evolution. Without industry involvement, it is impossible to create and deliver content that is dynamic, up to date, and aligned with the labour market’s real needs. What’s needed are innovation-driven education models based on close collaboration.

Industry-academic partnerships have already proven their effectiveness. The Baltic Finance Centre at Riga Business School (RTU), in collaboration with the FinTech ecosystem – the Bank of Latvia, the FinTech Latvia Association, industry players, and other partners – has created a new, national-level foundation for FinTech business education. We’ve developed a number of specialised courses, which have been delivered at Riga Business School for two years now. This content is now being made freely available to other universities in Latvia, alongside training for lecturers and full transfer of knowledge – making FinTech education accessible nationwide. We see strength in collaboration, not competition. This entire initiative is aimed at nurturing new talent – graduates who are ready for the labour market or to launch their own FinTech ventures, who understand different FinTech business models, are familiar with the regulatory environment, and have had hands-on experience developing a FinTech product.

This FinTech education initiative became possible thanks to funding from the EU Recovery Fund, which provided a unique form of seed capital – allowing us to develop the programme, attract necessary experts, and begin implementation to lay a solid foundation for FinTech education in Latvia. However, the project is scheduled to conclude in June 2026, which raises an important question: what happens next?

The future sustainability of FinTech business education will depend on the political will of the state, universities, and the industry. Investing in highly qualified FinTech talent is a long-term investment – it doesn’t bring immediate returns, but it is a crucial prerequisite for Latvia to become a competitive FinTech centre not only in the Baltics, but also in Europe and beyond by 2030. Therefore, we need:

• Policymakers to continue guiding the strategic development of FinTech education with a long-term vision;

• FinTech companies to actively engage in co-creating course content, leading instruction, and offering internship opportunities;

• Universities to embrace the available fintech business education resources, provide feedback, and contribute their experience and expertise to jointly improve and evolve the curriculum.

The foundation has been laid – now we must ask ourselves: will we be able to turn it into a lasting competitive advantage beyond 2026?