The Fintech Latvia Association has unveiled its ‘Fintech Pulse 2023’ report at the FinTech Forum, which outlines key trends in the Latvian fintech sector and offers insights for potential investors. The report not only informs industry experts and government representatives about regulatory developments but also highlights the challenges that need to be addressed. It emphasizes the importance of close collaboration between industry stakeholders and regulators, particularly in integrating MiCA Regulation into national legislation to maintain Latvia’s position as a regional fintech hub within the European Union.
Latvia has experienced growth in the fintech sector, with an increase in the number of employees and higher-than-average salaries, as reported by the Latvian Ministry of Economics. The Fintech Sector Development Strategy, adopted this year, provides a vision for the sector’s future and outlines steps to stimulate innovation and overall sector growth.
The report underscores the benefits of operating in a small country, where companies can establish cooperative relationships with regulators and leverage the presence of skilled professionals in the region. Additionally, fintech companies can use Latvia’s relatively small market as a testing ground before expanding to larger markets.
The digital report also offers guidance on succeeding in Latvia’s fintech industry, with examples of companies in the sector, insights into raising finance, support mechanisms, access to capital, and a chapter on using innovation and technology, including artificial intelligence, to tackle challenges and turn them into opportunities.
By FCCT Editorial Team
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