The RBS Baltic Finance Center has published a study “What Should Latvia’s Next National FinTech Strategy Look Like?”,  which examines the situation in the fintech industry in Latvia, various foreign approaches to planning the development of this field, and their success stories and failures are analyzed, as well as recommendations for the development direction of Latvia’s fintech sector are provided.

At the end of 2024, the Ministry of Finance, in cooperation with the Bank of Latvia, the Ministry of Economics, representatives of the financial sector, and other interested parties, will begin work on the development of the new Latvian fintech strategy. The study was designed to support this process with independent, evidence-based analysis.

The authors of the study have collected and analyzed information about the Latvian fintech sector, studied the approaches of 28 other countries (European Union and Great Britain) in creating and implementing fintech sector strategies, as well as interviewed more than 30 representatives of the industry ecosystem in Latvia to gather opinions and recommendations that should be taken into account when creating the new strategy. The Baltic Finance Center also held a discussion with representatives of the industry associations, the ministries, and the Bank of Latvia on the conclusions of the study in the context of the emerging strategy.

The study was developed within the project “Knowledge and Research Capacity Strengthening of Anti-Money Laundering, Financial Sector Technology and Analysis” funded by the EC Recovery and Resilience Mechanism. The authors of the study are economists and experts of the Baltic Finance Center Madara Ambrena, Alexander Apostolides, and Kristine Dambe.

More information on the research and its main conclusions: https://finance.rbs.lv/en/2024/12/11/bfc-publishes-new-study-on-latvias-national-fintech-strategy/