Fintech Breakfast: Driving Collaboration and Addressing Regulatory Challenges in Latvia's Fintech Landscape (May 16th, 2023)

Fintech Breakfast meetup organized by the Fintech Latvian Association

On May 16th, 2023, WhiteFlo had the opportunity to attend the Fintech Breakfast meetup organized by the Fintech Latvian Association. This regular event serves as a platform for industry professionals to discuss collaboration and regulatory issues in Latvia's fintech sector. The meetup provided valuable insights into successful partnerships and the attitude of Latvian banks towards fintech companies, including in the crypto business.

Insights from Latvijas Banka Representative: Results of Collaboration Surveys

During the Fintech Breakfast meetup, a representative from Latvijas Banka shared the findings of surveys conducted on the collaboration between fintech companies and banks. The surveys aimed to gather insights on how fintech and traditional banks cooperate in Latvia.

The survey results provided valuable information about the experiences and attitudes of financial market participants. They highlighted the importance of cooperation and collaboration between fintech companies and banks in Latvia. The surveys explored challenges, opportunities, and ways to improve the relationship between these entities.

The survey results showed that most banks responded negatively to the question about active cooperation with cryptocurrency service providers. However, the question about plans for closer cooperation with licensed cryptocurrency service providers showed positive developments. The majority of respondents expressed interest in exploring partnerships with licensed entities in the cryptocurrency space.

These survey findings shed light on the changing perspectives of Latvian banks regarding partnerships with cryptocurrency-related businesses. It indicates a growing openness among banks to engage with licensed companies operating in this sector.

The surveys results played a significant role in shaping the discussions and sharing valuable insights during the Fintech Breakfast meetup. They helped identify challenges and opportunities for fostering effective collaborations within Latvia's fintech ecosystem.

Attitudes of Latvian Banks Towards Fintech Partnerships: Insights from Survey Results

The presentations revealed that Latvian banks approach partnerships with fintech companies, especially those in the crypto sector, with caution. They are cautious about opening accounts for such companies. However, it was noted that smaller banks are more open-minded and willing to engage in partnerships with fintech firms.

Insights from Crowded Hero: Fostering Successful Partnerships

During the meetup, the founder and CEO of Crowded Hero, a crowdfunding platform, shared their success story of partnering with local Latvian banks and regulators. Their experience highlighted the potential for collaboration between fintech companies and traditional financial institutions.

Exploring Industry Regulations and Cross-Country Insights: Dynamic Discussions at the Fintech Meetup

The meetup sparked lively discussions, with attendees from the fintech industry raising pressing questions about industry regulations. There was particular interest in comparing the positive experiences of Lithuania with the regulatory landscape in Latvia. Many participants expressed their concerns and sought clarity on the forthcoming MICA regulation.

Key Takeaways from the Fintech Breakfast

The Fintech Breakfast meetup provided a platform for fruitful discussions on collaboration and regulatory challenges in Latvia's fintech ecosystem. The insights shared by Crowded Hero showcased successful partnerships between fintech companies and banks, highlighting the potential for collaboration. However, it was noted that Latvian banks, especially larger ones, remain cautious about engaging with fintech firms. The event emphasized the need for ongoing dialogue and understanding between regulators, banks, and fintech companies to foster a more supportive and collaborative environment. WhiteFlo remains committed to participating in such events and contributing to the development of the Latvian fintech industry.

Back to blog