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.

Latest News

24.07.2024

Latvijas Banka is set to ensure direct participation of payment and e-money institutions in central bank payment systems

The Eurosystem has adopted a harmonised policy that allows non-bank...
02.07.2024

Latvijas Banka Releases its Second Climate-Related Disclosures Report

Latvijas Banka, the central bank of Latvia, has released its second...
19.06.2024

Prizes were awarded to the winners of the Competition of Student Scientific Research Papers organised by Latvijas Banka

Today at the award ceremony held at Latvijas Banka, prizes were...
10.06.2024

Macroeconomic forecasts | June 2024

Latvijas Banka has published its latest macroeconomic forecasts...
04.06.2024

Understanding How Job Retention Schemes Reshape the Within-Occupation Skill Profile of Employees within Firms

Working paper 2/2024
03.06.2024

Green arguments to be revealed during the debate on sustainable finance

On 10 June at 17.00, the Stockholm School of Economics in Riga...
31.05.2024

Latvijas Banka issues an electronic money institution operating licence to SIA TigSiPay

On 29 May, the Supervision Committee of Latvijas Banka decided to...
16.05.2024

AS INDEXO Banka receives a licence for the operation of a credit institution

Following the assessment and proposal by Latvijas Banka as the...
14.05.2024

Students are invited to submit their papers for the Competition of Student Scientific Research Papers

As of today, the students of higher education institutions established...
02.05.2024

Latvijas Banka has developed guidelines for more effective management of sanctions risk

Latvijas Banka has developed the "Guidelines for establishing and...
24.04.2024

On the performance of Latvijas Banka in 2023

The Council of Latvijas Banka has approved the Annual Report of...
18.04.2024

Supervision experts refine their expertise in financial crime risks within the realm of crypto-asset services

On 17 and 18 April, 30 supervision experts, auditors, as...