{"id":9094,"date":"2025-05-29T10:49:22","date_gmt":"2025-05-29T07:49:22","guid":{"rendered":"https:\/\/finance.rbs.lv\/?p=9094"},"modified":"2025-06-09T16:46:53","modified_gmt":"2025-06-09T13:46:53","slug":"nauris-bloks-education-an-opportunity-for-latvias-fintech-breakthrough","status":"publish","type":"post","link":"https:\/\/finance.rbs.lv\/en\/2025\/05\/29\/nauris-bloks-education-an-opportunity-for-latvias-fintech-breakthrough\/","title":{"rendered":"Nauris Bloks: Education \u2013 an Opportunity for Latvia\u2019s FinTech Breakthrough"},"content":{"rendered":"

\"\"Nauris Bloks<\/strong><\/em>, Education Initiative Lead at the Baltic Finance Centre<\/em><\/p>\n

Financial technologies, or FinTech, are rapidly becoming a part of our daily lives \u2013 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 \u2013 and the global race is already well underway.<\/p>\n

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\u2019s strong export potential. However\u2026<\/p>\n

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.<\/p>\n

It\u2019s clear that academic efforts alone won\u2019t 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\u2019s real needs. What\u2019s needed are innovation-driven education models based on close collaboration.<\/p>\n

Industry-academic partnerships have already proven their effectiveness. The Baltic Finance Centre at Riga Business School (RTU), in collaboration with the FinTech ecosystem \u2013 the Bank of Latvia, the FinTech Latvia Association, industry players, and other partners \u2013 has created a new, national-level foundation for FinTech business education. We\u2019ve 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 \u2013 making FinTech education accessible nationwide. We see strength in collaboration, not competition. This entire initiative is aimed at nurturing new talent \u2013 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.<\/p>\n

This FinTech education initiative became possible thanks to funding from the EU Recovery Fund, which provided a unique form of seed capital \u2013 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?<\/p>\n

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 \u2013 it doesn\u2019t 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:<\/p>\n