On 23 October 2024, Latvijas Banka announced the upcoming Latvia Fintech Forum 2024, set to take place on 5 November 2024 in Riga. The forum, now in its third year, will bring together an anticipated 250 representatives from across the financial technology sector, including prominent figures from the Baltics and other European countries. Organised by Latvijas Banka in cooperation with the Investment and Development Agency of Latvia (LIAA) and the Investment and Tourism Agency of Riga (RITA), this year’s forum seeks to provide an in-depth exploration of Latvia’s fintech sector, focusing on both local developments and key global trends shaping the industry. The event will serve as a crucial platform for discussion, networking, and innovation, fostering connections among fintech entrepreneurs, policymakers, and investors who aim to drive economic growth through technological advancements in finance.
The 2024 Fintech Forum will be inaugurated by Latvia’s Minister of Economics, Viktors Valainis, and is expected to address the sector’s strategic potential to contribute to the nation’s economy. As highlighted by Mārtiņš Kazāks, Governor of Latvijas Banka, the future economy will be strongly influenced by a robust fintech sector, and the forum is designed to inspire new pathways for growth and development. This year’s forum will place special emphasis on Latvia’s progressive regulatory environment, which has been tailored to support fintech companies in verifying their products and services prior to formal licensing. This regulatory approach not only benefits companies already established in Latvia but also strengthens the country’s position as an attractive hub for foreign investment, facilitating start-ups in a highly scalable and competitive business arena. Approximately 25% of Latvian start-ups are currently operating within the fintech sector, illustrating its pivotal role in Latvia’s innovation landscape.
The forum’s agenda is structured around three main panel discussions, each examining essential facets of the fintech sector’s growth. The first panel discussion will focus on the achievements and future strategy of Latvia’s fintech industry, with input from influential figures such as Governor Kazāks, RITA Director Fredis Bikovs, GoCardless SIA Vice-President Pēteris Daliņš, and Indexo Banka AS Chairman Valdis Siksnis. This panel will address the pressing need for a renewed national fintech strategy, emphasizing the sector’s contributions to economic progress and its potential to elevate Latvia’s role in the global fintech ecosystem. Bikovs, Director of RITA, has underscored Riga’s readiness to support fintech innovation, pointing to the city’s supportive regulatory environment, start-up support programs, and talented workforce—all critical factors for the industry’s sustained growth and competitive edge on an international scale.
The second panel discussion will shift the focus toward broader global fintech trends, evaluating recent innovations that are poised to transform the industry. Participants will discuss emerging technologies and approaches that are gaining traction within the fintech space, and assess which of these are likely to have the most substantial impact on the sector over the coming decade. A recurring theme in this discussion will be the growing role of artificial intelligence (AI), which is reshaping the financial services industry by improving operational efficiencies, enhancing customer experiences, and providing new data-driven insights for decision-making.
The forum’s third panel discussion will delve deeper into the applications of AI within the financial sector, exploring both its transformative potential and the challenges it presents. As AI continues to redefine industries worldwide, this session will analyze how financial institutions can harness AI to optimize their processes and expand their service offerings. This discussion will also consider the regulatory and ethical considerations surrounding AI, aiming to provide participants with a comprehensive understanding of how best to integrate AI responsibly and effectively within their own fintech operations.
A central highlight of the 2024 Fintech Forum will be the fintech start-up competition, organised by Tenity, an international accelerator known for fostering innovation within the fintech ecosystem. The competition will showcase pitches from emerging fintech start-ups, with finalists presenting their ideas to an audience comprising industry leaders and investors. Following the pitches, an award ceremony will recognize the most promising start-ups, offering these companies visibility and potential investment opportunities. This competition reinforces the forum’s commitment to nurturing innovation and encouraging growth within the fintech space.
The forum will conclude with a networking session, giving participants the chance to engage directly with industry peers, potential collaborators, and key stakeholders from Latvia and beyond. This closing event aims to facilitate meaningful connections within the fintech ecosystem, helping participants expand their networks and lay the groundwork for future partnerships. The event will be held at Mazā Ģilde, Amatu iela 5, in Riga, and attendance is free with prior registration on fintechforum.lv, where the full program is also available.
This year’s Latvia Fintech Forum brings together a diverse array of participants, which includes entrepreneurs, potential market entrants, investors, policymakers, and industry experts, offering attendees insights into the latest industry trends and the opportunity to contribute to the country’s fintech strategy and innovation landscape.
Mārtiņš Kazāks, Governor of Latvijas Banka stated: “The future economy is unthinkable without a strong and powerful fintech sector. Latvia Fintech Forum inspires both policy makers and entrepreneurs, helping them discover new pathways towards the fintech sector’s expansion and meaningful contribution to economic growth,”
