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.

The goal of the Latvian Startup Association 'StartinLV' is to boost local startups’ growth by ensuring favourable conditions for starting and growing business in Latvia. Association currently sees the opportunity and necessity to support fintech startups due to a huge interest in the field. It is going to be possible now in cooperation with Rietumu Bank that has been an active supporter of local fintech startup programs for already two years.  Jekaterina Novicka Chairperson of the Board of Latvian Startup Association says, “We are truly glad that through the Rietumu Fintech Challenge, we can showcase Latvia as a platform able to attract financial technology industry teams from all over the region. It is also a unique opportunity for Latvian FinTech startups to learn, establish contacts and further cooperate with internationally recognised experts. The Rietumu Fintech Challenge is a fantastic chance to understand and exploit the advantages offered by banks.”

From the left Member of Rietumu Bank Board Jevgenijs Djugajevs and Chairwoman of the Board of Latvian Startup association “StartinLV” Jekaterina Novicka.

General sponsor Rietumu is the leading bank of Latvia with local private capital, specialising in corporate banking and affluent individuals.

DECTA is a processing centre for online businesses with ready technological solutions.