Rietumu Bank Partnering with TechHub Riga to Grow Latvian Fintech Sector

After partnering with TechHub Riga, a co-working space in Latvia, to present the Rietumu Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term Challenge 2015 by Techhub Academy in April of this year, Rietumu Bank has announced plans to continue to promote the local fintech sector. Working again with TechHub Riga, the two firms are creating a new program for 2016 to help develop financial technologies in Latvia.

As part of the program, Rietumu Bank plans to allow both local and foreign financial networks to participate in offering their experience and products to Latvian companies. In addition, the two firms plan to hold another Fintech Challenge in 2016. The Fintech Challenge will invite companies from the Baltics, Scandinavia and Europe to participate in the competition.

Renat Lokomet, Member of the Board, Senior Vice-President of Rietumu Bank, commented on the program that beyond business participation, they also “expect that the state and municipalities will take steps at the legislative and regulatory level to improve the ‘ecosystem’ for the new business and will create a favourable and attractive environment for investors and for startuppers, will attract even more attention of young people to the sector of the latest technologies, and, mainly, to practical developments”.

Egita Polanska, TechHub Riga CEO, added: “The academy was one of the first events, totally focused on finance technology. Based on its success, we decided to continue working on the development of the fintech scene in Latvia. Rietumu bank is a perfect partner to implement this plan.

Further cooperation envisages several measures, including the launch of the meetup FinTech Club, which will allow one to be aware of all the latest news in the area of financial technologies and its growth potential.”