Rietumu FinTech Challenge 2017
On April 26, Riga will host the biggest competition in the Baltics for startups developing financial technologies (FinTech). Rietumu Banka established the competition two years ago, and it is currently the largest event in the region. Thanks to the initiative of Rietumu Banka, many startups are now motivated to develop and improve the FinTech environment. The main prize on offer in the Rietumu Fintech Challenge 2017 is EUR 5,000.
Rietumu Fintech Challenge 2017 welcomes applications from startups that already have working product or its prototype. The product must be appropriate for use in the FinTech field. From all the applications, the jury will select the strongest startups, which will then be invited to take part in the all-day mentoring session and compete for the main prize.Register until April 7 here: https://www.f6s.com/rietumufintechchallenge2017/apply
Jevgēnijs Djugajevs, Board Member of Rietumu Banka explains that “Launching a successful FinTech project is complicated. The need to deal with real money and reveal private financial information means that user requirements in regard to new solutions are often high. While it is possible to create something unique, the company should not only be thinking about launching a product; it also has to ensure the product’s reliability and security. It is important to comply with regulations and to avoid bankruptcy. Sometimes companies launch an unfinished project expecting to deal with emerging problems on the go. In our field, this is almost impossible. Therefore, the Rietumu FinTech Challenge has a professional jury that can guide entrepreneurs in the right direction, help them find solutions to problems, and last but not least, to identify the leader amongst the crowd.”
Fintech is becoming more and more popular among startups. The main reason - it is hard to imagine our everyday life without fintech services. They can really make our life easier. The Recent study by Latvian Alternative Financial Services Association shows that 20% of all residents in Latvia use at least one fintech service.
Rietumu FinTech Challenge 2017 will be a great opportunity for fintech startups to get visibility and advice from industry experts. The participants will be mentored by bank and finance professionals as well as have a good opportunity to meet new partners, investors and pitch their ideas to judge panel.