This will contribute to the development of financial technologies in Latvia. A programme of measures has already been planned within the framework of this cooperation, which will allow businessmen to strengthen their knowledge, participate in special courses, as well as to set up new business contacts in Latvia and abroad.

Collective work of Rietumu and TechHub Riga started in April 2015, when “Rietumu Fintech Challenge 2015 by Techhub Academy”, an international contest for startuppers in the area of financial technologies, was held. Its winner became Mintos, a mutual crediting platform project, allowing potential investors who can offer loans, and those who want to take loans, to freely cooperate. The project received a monetary award of 5000 euros from Rietumu Bank, the general partner of the contest. It was decided to organise “Rietumu Fintech Challenge 2016 by Techhub Academy” again next year, within the scope of this programme of measures, where fintech startups from the Baltics, Scandinavia and Europe will be able to compete for valuable prizes.

Renat Lokomet, Member of the Board, Senior Vice-president of Rietumu Bank, notes: “Rietumu Bank is the leading and the largest private bank in the Baltic countries, a bright leader in modern financial technologies. We participated in the creation of a modern processing center DECTA, which is servicing our bank completely, and we are ready to provide its broadest opportunities to participants of the startup movement. We expect that our support will give an important impulse to new modern business.

Rietumu Bank has been cooperating with Tech Hub Riga Academy for more than a year. During this time our partner demonstrated that it is a serious company, which sets ambitious and competent goals and reaches them successfully. Together we are able to create an “umbrella”, which will ensure comfortable and safe development conditions in the area of startups.

We also expect that the state and municipalities will take steps at the legislative and regulatory level to improve the “ecosystem” for the new business and will create a favourable and attractive environment for investors and for startuppers, will attract even more attention of young people to the sector of the latest technologies, and, mainly, to practical developments”.

Egita Polanska, TechHub Riga CEO says: “The academy was one of the first events, totally focused on finance technology. Based on its success, we decided to continue working on the development of the fintech scene in Latvia. Rietumu bank is a perfect partner to implement this plan”.

Further cooperation envisages several measures, including the launch of the meetup FinTech Club, which will allow one to be aware of all the latest news in the area of financial technologies and its growth potential.

Renat Lokomet, Member of the Board, Senior Vice-president of Rietumu Bank, informs: “We are pleased that TechHub meetups bring together active young businessmen, students and attract investors. We highly appreciate the work of TechHub to create such an ecosystem in Latvia, which allows Latvian business to create a high-tech industry.

Such kind of events gathers together an interesting group of people, including local and foreign startuppers, who were ready to demonstrate their projects. We need such meetings for further development; it allows to present different projects and to choose the best of them to be able to compete at international level”.
The first joint meeting has been planned for the middle of January. Representatives of the area of financial technologies are invited, as well as all those who are interested in new technology.