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Competitors and Partners at the Same Time: On the Role of Fintech Companies in the Latvian Financial Market

In: The Fintech Disruption

Author

Listed:
  • Ramona Rupeika-Apoga

    (University of Latvia)

  • Emīls Dārziņš

    (The Bank of Latvia)

  • Deniss Filipovs

    (Tietoevry)

  • Stefan Wendt

    (Bifröst University)

Abstract

We explore the current development of the Latvian fintech companies, corresponding challenges, and expected future results. In 2021, we identified 93 fintech companies in Latvia. For these companies, we analyse essential characteristics and performance data. Moreover, we conducted a survey among these companies in the summer of 2021. We received 31 responses which allowed us to analyse the characteristics of their business models, identify current challenges for fintech companies, and allowed us to speculate on the future of the fintech market. We find that the main financial services provided by fintech companies are digital lending, digital payment, and digital wallets. An interesting new digital finance trend in the Latvian market is the B2B2C (business-to-business-to-consumer) business model with simultaneous fintech aid for small businesses and customers. Fintech companies currently struggle with the lack of availability of qualified personnel and/or experienced managers compared to earlier years when regulation was the most urgent problem.

Suggested Citation

  • Ramona Rupeika-Apoga & Emīls Dārziņš & Deniss Filipovs & Stefan Wendt, 2023. "Competitors and Partners at the Same Time: On the Role of Fintech Companies in the Latvian Financial Market," Palgrave Studies in Financial Services Technology, in: Thomas Walker & Elaheh Nikbakht & Maher Kooli (ed.), The Fintech Disruption, chapter 0, pages 115-138, Palgrave Macmillan.
    • Handle: RePEc:pal:psincp:978-3-031-23069-1_5
    DOI: 10.1007/978-3-031-23069-1_5
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