Latvia's Ministry of Finance, working with the Bank of Latvia, has prepared a 2025–2027 strategy for developing Latvia’s financial technology sector and submitted it for coordination with the relevant institutions. The strategy sets out an ambition for Latvia to position itself as a competitive FinTech hub in the Baltic states and Scandinavia, with targets to increase the number of FinTech companies registered in Latvia by 30%, attract 15% new capital investment into FinTech, and raise FinTech-related employment by 18%. Measures are structured across four action areas: infrastructure and regulation, access to capital, international promotion of Latvia, and talent availability. Planned steps include establishing a single contact point for starting a business to streamline market entry, expanding the use of English in public-sector processes when communicating with foreign FinTech firms, improving funding eligibility criteria and access to capital markets in cooperation with ALTUM and the Investment and Development Agency of Latvia, reducing bureaucracy and refining funding instruments, encouraging early-stage investment and creating a FinTech acceleration programme, and aligning education and reskilling offers with FinTech labour needs. The strategy also highlights existing enablers such as a licensing regime for crypto-asset service providers, access to the Bank of Latvia payment system for non-bank payment service providers, and Bank of Latvia pre-licensing and innovation support tools including regulatory, innovation and securities sandboxes. Next steps are framed as inter-institutional coordination of the strategy, with the accompanying information report published on Latvia’s legislative portal.

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