With focus on innovations

22.02.2021
  • Section:
Marine Krasovska, Director of Financial Innovation Department of Financial and Capital Market Commission

Marine Krasovska

New technologies and ways of working generate new approaches in building business models in the financial sector. During the year under “pandemic” sign, we all observed how disrupting technologies operating across multiple jurisdictions created the room for innovations.

Companies started to redesign and rethink existing business models by choosing new technologies like cloud technologies, SaaS, platform-based solutions to continue operations, stay profitable and survive. At the same time, it gave a fantastic opportunity to Startups and FinTech to originate new solutions that were led by demand and new digital environment.

The demand for popular financial services like lending, investing, depositing and funding remains stable, while a way of how the customers tend to receive these services has changed. In the FinTech environment, services are developing quite fast by adapting new technologies, such as machine-learning, robo-advisors, chart boards, algorithms, data models, and AI based solutions to satisfy customers’ needs and to create new value. When building the prototypes of new financial service and working on a business model, it is extremely important from the very beginning to understand the legislative framework and how to implement legal requirements in business operations, at the same time keeping focus on the customer.

For this purpose, the Financial and Capital Market Commission (FCMC) provides collaborative environment and support in every step of your development through the FCMC Innovation Hub and Regulatory Sandbox. The Innovation Hub is managed by FCMC and is open to any market player for professional support and consultancy in existing and upcoming regulation, in the payment, AML, IT risk management and other financial areas.

The development of safe FinTech environment is one of the FCMC priorities for this year that is contributing to digital economy and European digital finance strategy.

During the last days, we have observed FinTech and RegTech companies seeking for our advice being in different product development stages, starting from an idea to completed solutions. FCMC helps FinTechs to reduce barriers for innovations by providing professional advice ensuring competence in the areas of payments, crowdfunding platform operations, crypto-assets, and helps to improve understanding the aspects of AML and business continuity, IT risk management.

The FCMC welcomes FinTech companies to Innovation Hub for professional advice regarding a licensing process or any consultancy in above mentioned areas. For the companies which are applying for a licence or already have a licence of financial service provider, the FCMC offers a great opportunity to test a new innovative product or service on potential customers in safe Regulatory Sandbox. The Regulatory Sandbox allows testing the service according to a pre-agreed testing plan on a customer base before launching the project in a mass-market.

It is easy to start a journey with us by applying to Innovation Hub by e-mail: fintech@fktk.lv, or to Regulatory Sandbox (for licenced companies) by filling the application form.

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