In early September 2024, Prime Minister Evika Siliņa called for the development of a new strategy for the next stage of fintech growth in Latvia. Since then, we’ve been actively working with public institutions and ecosystem partners to define its direction.

At the end of last year, we hosted a four-part Fintech Breakfast series, focused on key themes essential to Latvia’s future development: national marketing and positioning, regulatory environment and infrastructure, talent accessibility, and capital availability and support instruments. These conversations gave ecosystem participants a chance to share their perspectives on key challenges and contribute to shaping the strategic vision.

In parallel, the Baltic Finance Center published a thorough review of Latvia’s fintech strategy, providing recommendations for the road ahead and valuable analytical input for the process.

At the start of this year, a series of important meetings helped clarify the strategic direction through concrete decisions.

And now, in early May, we’re already seeing tangible outcomes. The new strategy focuses on:

• Strengthening the international visibility of Latvia’s fintech value proposition and success stories
  
• Maintaining the regulator’s outstanding level of accessibility
  
• Addressing key technical and structural priorities
  

This process is a clear example of how quickly progress can happen when the public and private sectors collaborate — with discussions starting in September and results emerging by May.

Special thanks to the Latvijas Banka, Ministry of Economics, Ministry of Finance, Investment and Development Agency of Latvia (LIAA), and the Latvian Blockchain Association (LBAA) for their active involvement — and to Prime Minister Evika Siliņa!

Photo: Gatis Rozenfelds