FinTech in Latvia: Status Quo, Current Developments, and Challenges Ahead

FinTech has been in the focus of discussion for quite some time. However, market share companies is still relatively small compared to that more traditional financial services. The purpose this paper analyse status quo, current developments, and challenges ahead Latvian sector. We combine three analyses: a political legal, economic, social, technological environment (PEST) analysis; survey among companies; an analysis size performance during last 10 years. find regulation one main obstacles development, because it does not sufficiently consider FinTech-specific aspects. Problems attracting skilled workforce very supportive new developments finance are further might explain at least part growth difficulties. A revision, modernization, harmonization essential create level playing field all participants: companies, service providers, those originally players integrating solutions their business model. Further efforts also required foster Latvia’s attractiveness workforce. hope study helps increase visibility contributes development strategy.