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International Contest of FinTech Startups to Be Held With in Latvia 03.03.2015

This spring the first large-scale international contest of startups Rietumu FinTech Challenge by TechHub Academy will be held in Latvia. Its participants will be young companies from all parts of the world engaged in the development of business technologies in finance.

The best startup will receive an award of EUR 5 thousand for business development.

General partner of the contest is the largest Latvian private bank Rietumu.

In the last decade the number and quality of startups in the world and in Latvia has been growing steadily. Due to the popularity of startup companies, as well as the fact that the business community sees serious potential in startups and a real opportunity to bring benefit for business development, there is a growing number of international investors, the biggest universities and corporations, striving to create conditions for the development of startups, especially in IT and the high-tech segment.

At present, several business incubators operate in Latvia, and last year a network of so-called business angels was established, where private individuals and companies play the role of mentors and donors of a venture capital for startups. The Rietumu FinTech Challenge by TechHub Academy contest, continuing this tendency, will become the first competition of its kind among startupers in FinTech. The organisers expect that the contest will allow participants to not only raise funds for the development of their businesses but also, which is of no less importance, acquaint business circles with their innovative ideas in financial services, attract the attention of partners and investors and present their vision for the development of this market and financial services.

According to Renat Lokomet, Member of the Board of Rietumu Bank, “Innovations in FinTech on the modern market of financial services cause invariably high interest with advanced banks, striving to strengthen their leadership in the industry, by providing their clients with the most modern and qualitative services in a convenient and efficient form in any place and at any time. We, at Rietumu Bank, are sure that the synergy between the traditional banking sector and the FinTech field is huge, and we consider our participation in the organisation of the contest to be an important step in the active support of innovations in financial services and e-commerce, as well as new promising projects in general. And successfully implemented Baltic projects are the manifestation of the high potential of local startups on the global market.”

The contest organiser is the largest Co-Working centre in IT and technologies sphere in Latvia TechHub Riga. Alongside Rietumu Bank, its partners are Microsoft and the Association “Latvian Business Angel Network”.

Applications for participation in the contest can be submitted starting from 4 March and during the subsequent four weeks.

“In recent years FinTech has become more and more hot topic for startup scene. We hear about some disruptions, yet there is still space for improvement, as financial industry is starting to change along with the new technologies. Startups like Holvi, Trustly, TransferWise have attracted significant amounts of funding and they become more widely recognized and valued. That said, the Baltic-Nordic region is still hot and full of great ideas, and developing startups. With FinTech Challenge that will take place on April 28th in Riga, and will have a money prize of 5000 EUR for the best performing team, we want to draw these startups out from the dark and see what other cool and crazy ideas are going to challenge the FinTech industry in nearest time.  We're looking for game changers and undiscovered talents, who want to innovate and improve the financial services, and we believe there are quite some of you out there. Big or small ideas, we challenge you to apply!" says Alise Lezdina, CEO of TechHub Riga

Comprehensive information about Rietumu FinTech Challenge by TechHub Academy and the conditions of participation in the contest are available on the website: www.rietumufintech.com.

Rietumu is the leading private bank in Latvia, specialising in corporate banking and wealth management. Rietumu Bank provides a complete spectrum of modern financial services, including the organisation of businesses of clients in the internet environment. It is the organiser of the biggest international conference in e-commerce in the region, eCom21.

TechHub Riga is the first and the largest Co-Working centre in Latvia for companies in IT and technologies which provides startup businesses with a platform and resources for development. It is a subdivision of one of the leading international Co-Working centres in technologies TechHub London. At present there are over 30 startups operating on the TechHub Riga platform; seminars and other events are regularly held, which are related to the development of technologies, support and promotion of startups.

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