Riga will host an international discussion on FinTech development with the participation of Valdis Dombrovskis
Watch it online on the LKA homepage and other channels
On March 23, Latvia will host an international discussion between industry experts on “The Future of Financial Technology in the Baltics and EU”. The discussion, which will be attended by Vice-President of the European CommissionValdis Dombrovskis, is being organised by the Association of Latvian Commercial Banks (LKA), the Estonian Banking Association and the Association of Lithuanian Banks. Its goal is foster a dialogue between industry experts regarding the European Commission’s financial technology initiatives, as well as the development of a more competitive and innovative financial sector in the Baltics.
“This discussion is a continuation of the Association of Latvian Commercial Banks’ successful initiative in 2017, when we combined nine associations in Latvia representing finance and related sectors, in order to provide a response to the European Commission’s request for a public discussion and to submit a unified position regarding the future of the European Union’s financial market and the development of financial technologies. The LKA sees Latvia as being among the leading EU countries in the realm of open banking services with developed digital services. Therefore, it is vital to establish a cooperation platform for all parties involved,” explains the CEO of the Association of Latvian Commercial Banks, Sanda Liepiņa.
Based on the proposals submitted by all the participants in the consultation from EU member states, on 8 March this year, Vice-President responsible for Financial Stability, Financial Services and Capital Market Union, Valdis Dombrovskis presented the Capital Markets Union’s action plan for the development of a sustainable and technologically innovative financial sector.
According to Valdis Dombrovskis, Vice-President responsible for Financial Stability, Financial Services and Capital Market Union, “To compete globally, Europe’s innovative companies need access to capital, space to experiment and scale to grow. This is the premise for our FinTech Action Plan. An EU crowdfunding licence would help crowdfunding platforms scale up in Europe. It will help them match investors and companies from all over the EU, giving more opportunities for firms and entrepreneurs to pitch their ideas to a wider base of funders.”
During the course of the discussion on March 23, Valdis Dombrovskis will present the EC Action Plan to participants. This will be followed by short introductory presentations on the challenges facing the industry in the Baltics and an evaluation of the proposals devised by the EC from Nordigen Head of Operations Ieva Grabe, Luminor Country Head in Latvia and Association of Latvian Commercial Banks Board Member Kerli Gabriloviča and TransferWise Head of Government Relations Flora Coleman.
The participants in the event’s central panel discussion will be:
- Valdis Dombrovskis, Vice-President for the Euro and Social Dialogue, also in charge of Financial Stability, Financial Services and Capital Market Union;
- Deniss Fiļipovs, Head of Payment Systems Policy Division at Latvijas Banka;
- Aija Zitcere, Director of Financial Market Policy Department at Ministry of Finance, Latvia;
- Marius Jurgilas, Member of the Board, Bank of Lithuania;
- Edmunds Beļskis, Deputy State Secretary for Information and Communication Technologies, Ministry of Environmental Protection and Regional Development, Latvia;
- Ģirts Bērziņš, Head of Digital Strategy, Swedbank Group and Co-Chairman of the Digital Transformation Committee at ALCB;
- Tomas Vitkus, President of INFOBALT, Managing Director, Tieto Lietuva;
- Andra Altoa, Head of Strategy, SEB Baltic Division.
During the event, participants will have a unique opportunity to acquaint themselves with the service and solution demo of the event partners: Ellex Kļaviņš, Latvijas Banka, FCMC, LSRTC, Nordigen, SEB, Swedbank and Toneboard.
The main objectives of the EC Action Plan are to support innovative business models within the single European market, foster the introduction of new technologies within the financial sector, and strengthen cyber security and the integrity of the financial system.
“Technological innovations within the financial sector are the driving force behind the development of the European digital economy and single digital market. Artificial intelligence, mobile technologies, cloud services and large data analysis capabilities are shaping the whole financial sector and the creation of new services. Parallel to the development of new services, the constant priority of banks is customer security and privacy,” says Sanda Liepiņa, accenting the need for this discussion.
You can view the discussion online on March 23 from 15:00 to 17:00 on the LKA homepage: www.financelatvia.eu and Valdis Dombrovskis’s Facebook account.
Working language - English.