Banks, Financial Services, Forum, Technology
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Saturday, 20.04.2024, 03:58
Rietumu FinTech Club – how technologies will change the traditional business
The meeting is organised by the Latvian
association of startups Startin.LV in cooperation with Rietumu Bank.
The current Rietumu FinTech Club is
already the fourth in succession. More than 60 representatives of startups,
experts in financial technologies, services and other industries have applied
to participate in this event.
The Rietumu FinTech Club participants
will discuss how financial technologies can change traditional businesses,
which up to now have been developing according to the classical model. During
the discussions, they will analyse what opportunities are available and how
they can be used in a better way. They will also look at possible future forms
of these services and whether there is a place for cooperation with fintech
companies or, on the contrary, if they are potential competitors.
“Latvian fintech community consists of businesses that are driven by a clear
market demand: payday and p2p lending platforms, big data analysis for instant
credit scoring, micropayments for parking and tickets and retail e-commerce. At
the same time, foreign entrants like German bank N26 have already started eating
the bank’s retail payments pie, while Revolut is aiming to join this game in
Latvia by using available new technologies, like non-face-to face customer
identification for scaling their businesses outside of their home
countries.
This time we are gladly joined by classic non-fintech businesses - one of
largest retail chains in region and leading airline that are enjoying
substantial and loyal user base that is so lucrative for fintechs. We would
like to get them talking on how they see the technology will change their
“offline” landscape - which technology in focus, who will benefit and who will
lose. Are there any clear demand gaps or touching points to collaborate with
tech and financial companies? We will see!” says Eugene Dugaev, Member of the Board and Senior Vice President of Rietumu Bank.
The previous Rietumu FinTech Club was
held in Riga this spring. Earlier, the participants of the club meetings have
been companies such as Revolut, Mobilly, Twino, Swipe.lv, Monea, Mintos,
Nordigen, Decta, Cobalt law office, as well as representatives of the Ministry
of Economics and the State Revenue Service.