Money 2020: Unveiling Latvian fintech innovation in Amsterdam
This gathering, considered the most valuable in the financial industry in the European Union, brought together over 5000 participants from across the globe. Under the Money 2020 roof in Amsterdam, this year's most important moment was the representation of Latvian national stands, where fintech companies presented innovative solutions for the financial sector.
The privilege of participating in Money 2020 includes meetings and discussions with policymakers and supervisors from national regulatory authorities, representatives of global banks, venture capital funds, startup acceleration centers, and investor enthusiasts, all seeking new opportunities in the rapidly evolving financial landscape.
One of the trends of the event was the convergence of software developers in banking and fintech pioneers who showcased their innovative approaches, utilizing cutting-edge technologies such as artificial intelligence (AI), blockchain, robo-advisory algorithms, and machine-learning techniques. This unique collaboration between corporate giants and fintech startups gave rise to a multitude of new opportunities and solutions.
Among the offerings, attendees had the chance to explore solutions such as Know Your Customer (KYC) process optimization, transaction monitoring tools, banking software (SaaS), tokenization tools, and multicurrency payment solutions to ensure swift cross-border payments. These innovations are revolutionizing the way financial institutions operate and interact with their customers.
A significant milestone at Money 2020 was the introduction of Latvian national stands, represented by eight companies primarily focusing on RegTech solutions and data analytics tools. The Latvian stand, in particular, garnered significant attention from participants across the financial sector, earning recognition for its groundbreaking solutions. This marked the first opportunity for Latvian fintech companies to showcase their offerings on a global stage, demonstrating that innovation knows no boundaries. At Money 2020, the Baltic market, as a whole, displayed its prominence, becoming increasingly recognized not only in Scandinavia but also in the global tech landscape.
One intriguing aspect that caught the eye of supervisors and industry insiders at Money 2020 was the growing role of technology in risk identification and risk assessment within the financial sector. Innovative technologies, often referred to as "RegTech technologies," were widely showcased at the event, with a particular focus on transaction monitoring. These technologies have applications not only in the traditional fiat world but also in the rapidly expanding crypto universe. Market participants were presented with plenty of tools and solutions to enhance the efficiency of banks' internal control systems, addressing one of the critical concerns. During the conference, new payment technologies, digital currencies, blockchain solutions, and much more that impact the financial industry were presented.
Money 2020 Amsterdam served as a global stage where traditional financial institutions, fintech startups, and tech enthusiasts converged to explore the future of finance. The debut of Latvian national stands brought an exciting wave of innovation, and the collaboration between corporate giants and agile startups opened new doors of opportunity.
In addition to company presentations, valuable panel discussions with the most recognized world experts took place simultaneously on several stages over three days. This was a unique opportunity to hear global leaders' opinions on the development of the financial sector, the application of AI in the financial sector, and the future of blockchain technologies and their usage. The "Money 2020" conference typically attracts significant speakers from the financial industry and the technology sector, including global leaders from fintech companies, banks, technology giants, and regulatory authorities.