Published: 10.10.2023

Today, fintech companies PrimeX and SIA Bonusukarte.lv won laurels at the Fintech Factor competition of fintech companies held during Latvia Fintech Forum 2023.

The grand prix of the competition – a cash award provided by investor Gary Palmer – went to the Estonian company PrimeX (FNTCH OÜ) that offers embedded crypto trading solutions for financial institutions so they can operate a crypto trading window for their users. The product aims to offer the first Markets in Crypto-Assets Regulation compliant platform.

PrimeX also received a six-month subscription to Crystal Blockchain's platform provided by Crystal Blockchain B.V.

FintechFactor

The company Bonusukarte.lv finished as a runner-up. Latvian fintech company Bonusukarte.lv offers a uniquely filtered Mastercard that allows employers to empower employees with funds for catering and healthcare expenses, providing a round-the-clock global solution. Additionally, it allows to receive tax advantages according to the Latvian law "On Personal Income Tax". Bonusukarte.lv received prizes from KPMG Baltics SIA, the office of sworn advocates Rusanovs & Partneri, and The Connector.

The public recognition award was presented to SIA Bonusukarte.lv.

The Fintech Factor competition brought together both Latvian and Estonian fintech companies providing or planning to provide services in the fields of payments, RegTech and crypto-assets. The participation in the competition enabled all companies to acquire valuable knowledge of presenting their business ideas to potential investors. Contestants received useful advice from the members of the jury – investor Gary Palmer, founder and CEO of Twino Armands Broks and strategic partner at Venture Faculty Renāts Lokomets – on business development, market introduction and scaling.

FintechFactor min

The competition and the Fintech Forum provided fintech companies with an opportunity to meet potential investors and cooperation partners, receive answers to questions about licensing and regulatory framework from Latvijas Banka's experts, receive advice from the Investment and Development Agency of Latvia (LIAA) on supporting fintech companies, etc.

"Latvia's fintech strategy outlines a vision of Latvia as a financial technology centre of European Union significance where fintech companies promote innovation and competition in the financial sector by developing significant, secure and internationally scalable business models. The Fintech Forum and the competition of fintech companies represent a step towards joining the efforts of the financial sector ecosystem and thus facilitating the growth of fintech companies," indicates Marine Krasovska, Head of the Financial Technology Supervision Department of Latvijas Banka.

Today's Fintech Forum held in Riga generated widespread interest – more than 200 financial sector representatives from Latvia, Lithuania, Estonia and Scandinavia learned about Latvia's fintech strategy and developments in Latvia's fintech environment and in the world, appreciated the discussions among European fintech environmental experts on attracting investments to fintech companies, challenges in the world of crypto-assets and development prospects created by artificial intelligence. The attendees of the Forum welcomed the opportunity to consult and ask questions of interest to the representatives of Latvijas Banka, the LIAA, the state-owned development finance institution ALTUM, KPMG and The Connector.

Latvia Fintech Forum 2023 is organised by Latvijas Banka together with the LIAA to facilitate the cooperation of the fintech ecosystem, innovations in Latvia's financial sector and the growth of fintech companies.

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