Banks, Financial Services, Forum, Innovations, Latvia

Rietumu FinTech Challenge is an international competition for startups developing financial technologies. Rietumu Banka initiated the competition in 2015. So, the current Rietumu FinTech Challenge is the third in a row. 

Over the years, interest in the competition has been steadily growing. Startups from different countries developing financial technologies participate in the competition. They all share the desire to change the usual way people and companies operate with money on a daily basis: they make purchases, pay bills, make transfers, invest, and accumulate assets. The Rietumu FinTech Challenge also attracts those who are ready to create new algorithms and technologies for automating business tasks and banking operations, as well as to offer better, more modern solutions. 

The deadline to apply for participation in the Rietumu FinTech Challenge was last week. According to the Organizing Committee, the interest in the competition has always been high. This year, more than 50 applications have been received from the USA, Israel, Germany, the Baltic States, and from African countries. Currently, the projects aimed at operating in the currency and investment markets, as well as a variety of apps for mobile devices are most popular. 

This time, the competition program will include several discussion sessions. After the mentoring phase, each participant will have an opportunity to present his/her business idea. 

According to the latest information from the Organizing Committee of the Competition, the following teams have reached the finals: Crassula and Toneboard (both from Latvia), project Paytailor (Estonia), Welltrado (Lithuania), Badala - Get Paid! (Africa), start-up GetZuper (Germany), project Tap2Pay (Israel). 

The jury now includes fintech experts: Roman Grochol from WhatAVenture, Stanislavs Ivanovs from SmartCap, Andris Berzins from TechHub, Valter Vohma and Henrik Trasberg from Hedman, Janis Skutelis from Flycap, as well as representatives of the Bank of Latvia and the UK Department of International Trade. 

Currently, a favourable infrastructure has been created in Latvia; also, there are programs to encourage innovative activities of financial institutions; private investments come to the sector. Financial technologies have become the most promising direction for start-ups in recent years even despite the hurdles of state regulation young entrepreneurs may sometimes face. 

The finals of the Rietumu FinTech Challenge will be held in brewer Christian Karl Christoph von Stritsky’s villa at 9 Aristida Briana Street, Riga. Over the last nine years, the villa has become a favourite place for creative youth. It hosts many concerts and other cultural and artistic events. 

More information about the Rietumu FinTech Challenge 2017 is available at www.rietumufintech.com 

Start-up Association StartinLV was founded in 2016 with the goal to unite start-ups, other companies, and organisations supporting the start-up sector. Currently, the association unites 60 members: 31 start-ups, 9 non-profit organisations, 11 private individuals, and 9 corporate members. 

Rietumu Bank is the third largest bank in Latvia that specialisesn in servicing international corporate clients and affluent individuals. Rietumu Bank is the largest acquiring bank in the Baltic States and it provides both payment services and financial infrastructure services: for online acquiring, SWIFT and SEPA settlements in 18 currencies and white label services for issuing payment cards.