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Rietumu FinTech Club – How Technologies Will Change the Traditional Business

20-Sep-2017, 12:11 / Products & Services On 21 September Rietumu FinTech Club will be held in Riga – a professional discussion for experts in financial technologies and banking. Its key theme is new opportunities for using technologies in traditional businesses - telecommunication, air transport and retail trade.

The meeting is organised by the Latvian association of startups Startin.LV in cooperation with Rietumu Bank.

The current Rietumu FinTech Club is already the fourth in succession. More than 60 representatives of startups, experts in financial technologies, services and other industries have applied to participate in this event.

The Rietumu FinTech Club participants will discuss how financial technologies can change traditional businesses, which up to now have been developing according to the classical model. During the discussions, they will analyse what opportunities are available and how they can be used in a better way. They will also look at possible future forms of these services and whether there is a place for cooperation with fintech companies or, on the contrary, if they are potential competitors.

“Latvian fintech community consists of businesses that are driven by a clear market demand: payday and p2p lending platforms, big data analysis for instant credit scoring, micropayments for parking and tickets and retail e-commerce. At the same time, foreign entrants like German bank N26 have already started eating the bank’s retail payments pie, while Revolut is aiming to join this game in Latvia by using available new technologies, like non-face-to face customer identification for scaling their businesses outside of their home countries.

This time we are gladly joined by classic non-fintech businesses –- one of largest retail chains in region and leading airline that are enjoying substantial and loyal user base that is so lucrative for fintechs. We would like to get them talking on how they see the technology will change their “offline” landscape -- which technology in focus, who will benefit and who will lose. Are there any clear demand gaps or touching points to collaborate with tech and financial companies? We will see!” says Eugene Dugaev, Member of the Board and Senior Vice President of Rietumu Bank.

The previous Rietumu FinTech Club was held in Riga this spring. Earlier, the participants of the club meetings have been companies such as Revolut, Mobilly, Twino, Swipe.lv, Monea, Mintos, Nordigen, Decta, Cobalt law office, as well as representatives of the Ministry of Economics and the State Revenue Service.

Eleonora Gailisha
Mass Media and Public Relations
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