Latvia Fintech Forum 2025

The forum was opened by Arvils Ašeradens, Latvian Finance Minister, Mārtiņš Kazāks, Governor of Latvijas Banka, Ieva Jāgere, Director General of the Investment and Development Agency of Latvia, and Fredis Bikovs, Director of Riga Investment and Tourism Agency.

A look back at Fintech forum 2025: photo gallery

The Governor of Latvijas Banka, Mārtiņš Kazāks, in his welcome address emphasised Latvia’s clear ambition to become a European fintech hub. This ambition is backed by focused and concrete actions by Latvijas Banka:

• Last year Latvijas Banka opened the possibility for fintechs to connect directly to Latvijas Banka's payment system. 7 companies have already used this opportunity, and more than 10 are in the pipeline.
• At the beginning of this year, Latvijas Banka introduced a pre-licensing process for crypto companies. Today, more than 15 firms are currently under review.
• Latvijas Banka has designed changes in the regulation to allow fintechs to obtain the so-called small bank license and the necessary changes in the law are now moving through parliament.
• Latvia’s regulator is now highly recognized across Europe for its accessibility and strong risk management by many international market participants.

Deputy Governor of Latvijas Banka, Santa Purgaile, in her keynote speech (see the presentation) introduced the vision of what kind of market Latvijas Banka expects – namely, an innovation-driven financial sector that is:

• customer-focused,
• competitive,
• digital & future-ready,
• inclusive,
• sustainable,
• resilient.

She outlined Latvijas Banka’s expectations for areas that need improvement:

• governance & leadership – strong local presence, AML, ICT, internal audit,
• business model clarity – customers, sustainability, geography,
• internal controls – customised,
• risk management – board sets risk appetite, controls, monitoring,
• business continuity & operational resilience.

She encouraged fintechs to make use of the support tools provided by Latvijas Banka such as the pre-licensing process, the Innovation Hub, the Regulatory Sandbox, and access to SEPA through the central bank payment system (EKS) – and to be bold in building a vibrant, resilient fintech ecosystem in Latvia.

We don’t want fintechs to be shooting stars – bright for a second, then gone. We want satellites: stable, useful, and here to stay! – Santa Purgaile

To provide fintech entrepreneurs, consultants, and other ecosystem players with the opportunity to directly ask pressing questions about Latvijas Banka’s payment system EKS, as well as about fintech licensing, supervision, and AML, the Fintech Forum included an open Q&A session with Latvijas Banka experts. Representatives from the Investment and Development Agency of Latvia and the Riga Investment and Tourism Agency were also on hand to answer questions about their institutions’ support for fintechs.

In the first panel discussion, representatives of Autorité des Marchés Financiers, Malta Financial Services Authority, Lietuvos bankas, and Latvijas Banka exchanged lessons learned from their national fintech strategies and shared their opinions on how to further enhance Europe’s competitiveness.

The event concluded with eight fintechs pitching their business models to a jury.

The event was co-hosted by Latvijas Banka, the Investment and Development Agency of Latvia, and the Riga Investment and Tourism Agency.