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Revolutionizing FinTech: An Exclusive Conversation with Tīna Lūse, Attorney-at-Law and Leader of the Fintech Latvia Association

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Welcome to our latest edition where we delve deep into the thriving world of FinTech in Latvia. Today, we’re privileged to have an exclusive interview with a person at the forefront of this rapidly evolving sector – Tīna Lūse. As an accomplished Attorney-at-Law and the current Head of the Fintech Latvia Association, Tīna provides unique insights into the burgeoning Latvian FinTech scene. From regulatory challenges to the influence of emerging technologies, she’ll share her expert viewpoint on the current state and future potential of Latvia’s FinTech industry. Stay tuned as we embark on this fascinating journey, discovering what makes Latvia a dynamic player in the global FinTech landscape.

Tīna Lūse – Attorney-at-Law, Head of the Fintech Latvia Association
Since January 2021, Tīna leads the Fintech Latvia Association. The aim of the Association is to unite the providers of financial services of the non-banking sector based on financial technologies in order to ensure the representation and implementation of their interests at the national and international level, promoting sustainable development and growth of the Latvian financial sector.

TFB: What strategies should regulatory bodies employ to delve deeper into FinTech solutions?

TL: The formula is the same as with everything else: if one wants to learn and improve something, one must become very curious about it. The same goes for better understanding the fintech – communication with the sector players is the key. Only through communication and cooperation is it possible to gain understanding and knowledge about what the sector offers and also what risks it really brings along. Open communication, attending industry-related events, conferences, and discussion forums is the way to gain knowledge and take away prejudice. The sector players have also always stressed the importance of cooperation and harvesting from the intelligence that the fintech sector can offer to improve public sector operations as well.  As an association, we are contributing to this process by organizing our series of networking and discussion events -Fintech Breakfast, where we are bringing together private fintech players with the policymakers and regulators to delve into various topics that are of importance to the development of fintech. And it makes me happy that I do not have to be diplomatic when I am saying that we see a great response and interest to better the development of this sector both from the Ministry of Finance and the Bank of Latvia, which are the 2 key players for the sector because it is simply an honest truth at the moment in Latvia. 

TFB: How are government agencies reorganizing their structures to accommodate FinTech?

TL: We see that the Bank of Latvia, which is the central licensing and supervisory authority for fintechs in Latvia, has really done its homework in reviewing the licensing processes and is nowadays referred to as another fintech just from the public sector by the market players. There will always be room for improvement, but at the moment they are quite praised by the market players and consultants for being very responsive, willing to cooperate, and understand new and innovative business models. Even though we still hear that speed could sometimes be improved, nevertheless the first EU-wide crowdfunding license under ECSP Regulation was issued in a mere 3 months time after submission of the application. And it is all possible because of special consultancy and sandbox regimes that are set up to enable the companies that are planning to enter the market to have a good quality pre-licensing consultations and a ground for testing innovative products and their compliance with the regulatory environment. Reliable support from the consultants is also of great importance. And we have all this ecosystem in place at the moment. 

TFB: Which organizational leaders should spearhead fintech initiatives and why?

TL: It must be a team effort. A team consisting of policymakers: Ministry of Finance, Ministry of Economics, and in some parts also the Ministry of Education, regulators: Bank of Latvia and also Consumer Rights Protection Center, and, of course, fintech market players. And it must be understood that maintaining and contributing to such dialogue with the public sector takes quite a lengthy and regular investment of time, which is normal, because, as they say, “Rome wasn’t built in a day”. And of course, we all know that running a business, and especially building something new and innovative requires a lot of time on its own. But I think it is important for any business to understand that devoting a resource and time to build a good quality dialogue with the public sector is equally important as onboarding and providing an excellent service level to customers. 

TFB: In what ways can financial regulators harness data to enhance their operations?

TL: To understand where to focus their attention and spend resources, so to say, to understand the “value for money” ratio for their activities. To understand, some active steps and support mechanisms from the state are needed to foster development. To assess the impact of certain services on a broader society and calibrate the supervisory activities accordingly. 

TFB: What are the greatest opportunities and challenges related to financial data for public regulatory bodies?

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TL: I think the opportunities are what was described above. If we come to challenges then as with any other industry the greatest challenge is to get good quality data, because it requires some level of planning and coordination between different public and private actors. The next challenge is to understand how to interpret the data and after the data is there to not fall into the temptation of overregulation, which, of course, will bring any development and innovation to a halt. 

TFB: Can you share some significant achievements that organizations have made so far in the FinTech space?

TL: Already more than 10 years back we saw our first fintech in the consumer lending sector, which brought about a lot of controversy and at times did not let us appreciate the financial inclusion aspect that the service is offering. Now the strongest of those companies, such as 4finance, and Eleving group, have turned into mature international players that are contributing to the financial literacy of the society and the development of new and more accessible financial products.  

What we are all proud of without the controversy attached is our investment platforms, Mintos being the most recognizable name among those. But there are more: Twino, VIA Invest, Nectaro, InDemo, and Debitum, just to name a few. Crowded Heroe and Lande – crowdfunding platforms, which are not only offering good investment opportunities to investors but also financing to SMEs that are not typical bank clients. 

Nordigen – the first free open banking data provider in Europe is also coming from Latvia.    

TFB: How can we address and overcome the challenges related to skills and mindset that hinder FinTech adoption?

TL: By learning and understanding. One of the main challenges when it comes to fintech is the fear of the unknown, and as we know, it can only be overcome by understanding. And here the dialogue that I mentioned earlier is key. 

We’re also excited to share that Tīna Lūse was a key speaker at this year’s MARE BALTICUM Gaming & TECH Summit held in Riga. Her presentation, packed with insights and in-depth analysis, was indeed one of the highlights of the summit. For those of you who missed this year’s event or are eager for the next, we have great news! You can now pre-register for the 2024 edition of the MARE BALTICUM Gaming & TECH Summit. Mark your calendars for May 13-15 as we head to Tallinn, Estonia for another round of inspiring talks, engaging panel discussions, and fantastic networking opportunities. Don’t miss your chance to be part of this significant industry event. Secure your spot now!

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COCA Celebrates Q2 2024 with Record-Breaking Milestones and New Launches

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HONG KONG, Aug. 7, 2024 /PRNewswire/ — COCA, a pioneering force in the crypto wallet and financial services industry, has achieved several remarkable milestones in Q2 2024. Thanks to the steadfast support of its user community, COCA has launched new features, expanded its partnerships, and garnered prestigious accolades, further solidifying its position as a leader in the crypto space.

Launch of Physical Cards

COCA has introduced its highly anticipated physical cards, which are now available globally and compatible with Apple Pay and Google Pay. These cards allow users to make transactions with ease, earning cashback rewards on their purchases. This significant launch marks a step forward in integrating crypto with everyday financial activities, enhancing user convenience and financial flexibility.

Wallet Growth Milestone

The company has reached a significant milestone with 510,000 active wallets, reflecting a 102% growth quarter-on-quarter. This surge in active wallets highlights the increasing trust and adoption of COCA’s platform, as more users join the COCA community to manage their crypto assets securely and efficiently.

Transaction Volume Surge

In Q2 2024, COCA processed over USD 450,000 in transactions through its platform, demonstrating the robust usage and popularity of its financial services. This impressive transaction volume underscores COCA’s commitment to providing smooth and efficient crypto payment solutions.

Integration with Revolut

COCA has made it easier for users to fund their wallets by integrating with Revolut. This new feature allows seamless loading of crypto assets, enhancing the overall user experience and accessibility of COCA’s services.

Award Recognition

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COCA has been honoured with the “Best Startup” award in the Financial Revolution category at CONF3RENCE & BLOCKCHANCE 2024. This award is a testament to COCA’s innovative approach and significant impact on the future of finance, recognizing its efforts in driving forward the digital financial ecosystem.

New Strategic Partnerships

COCA has formed strategic partnerships with industry leaders such as Wirex Pay and GoMining. These collaborations aim to provide users with enhanced rewards and a superior overall experience. The partnerships signify COCA’s dedication to expanding its ecosystem and delivering greater value to its users.

Welcoming Pavel Matveev

COCA is excited to announce the addition of Pavel Matveev, Founder of Wirex, to its team as a Strategy and Product Advisor. Pavel’s extensive experience and visionary approach are expected to drive COCA’s strategic initiatives and product development, contributing to the company’s continued growth and innovation.

Season 2 Point System Launch

Season 2 of COCA’s popular point system has launched, offering users the opportunity to earn points through various activities, including trades, referrals, holding assets, and spending with COCA cards. With a prize pool of USDT 3500 and 5 Wirex Pay Nodes, this season promises exciting rewards and increased user engagement. The season ends on August 9th, so users are encouraged to participate actively.

NFT Giveaway

In a special giveaway, COCA distributed 1000 GoMining NFTs to lucky users. These NFTs provide unique benefits, including enhanced mining capabilities and exclusive digital collectibles, adding significant value to the user experience.

For further details on COCA’s Q2 achievements and upcoming initiatives, visit the company’s blog.

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Website: coca.xyz

COCA continues to redefine the crypto experience with its innovative solutions, seamless integrations, and user-focused approach. The company’s recent milestones and future plans highlight its commitment to leading the way in the digital financial landscape.

About COCA

COCA is a next-generation crypto super app designed to simplify and secure the crypto experience for users worldwide. With innovations in security, usability, and integration, COCA is at the forefront of the digital asset revolution. For more information, visit coca.xyz.

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Stake and Earn with KuCoin’s Innovative GemPool Platform

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VICTORIA, Seychelles, Aug. 7, 2024 /PRNewswire/ — KuCoin, a leading global cryptocurrency exchange, is excited to announce the launch of GemPool, its innovative new platform that allows users to acquire token airdrops as a reward for staking their crypto assets. This unique product is designed to provide early access to emerging crypto projects while offering rewards for their existing holdings at zero cost. By staking respective tokens in separate pools, users can farm new tokens and gain a foothold in the latest developments within the cryptocurrency market.

GemPool also offers flexible staking terms, allowing users to stake and un-stake their assets anytime within the designated period without lock-up restrictions. This flexibility ensures that users can manage their assets according to their preferences and market conditions. Additionally, GemPool provides zero-cost rewards, enabling users to earn tokens while holding their existing cryptocurrencies. By staking their tokens, users contribute to the growth of promising new projects, supporting innovation and development within the crypto space. With completion of tasks offered, users are eligible to earn multiplier bonus and receive more rewards.

Users can participate by staking KCS, USDT, or other specified assets in designated pools. The rewards are earned according to the respective yields of the pools, ensuring a fair and exciting experience for all users.

For more information on how to participate and the benefits of GemPool, please visit the KuCoin GemPool page.

About KuCoin

Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.

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Trust Wallet Launches Gamified Education Platform and Loyalty Program to Enhance and Reward Web3 Learning

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DUBAI, UAE, Aug. 7, 2024 /PRNewswire/ — Trust Wallet, the world’s leading self-custody Web3 wallet and Web3 gateway trusted by over 130 million users, has launched Trust Wallet Quests, a gamified education platform within the Trust Wallet mobile app which encourages users to earn points while exploring and learning about Web3.

Users can engage in task-based challenges ranging from quizzes to complex problem-solving scenarios composed of various DeFi and Web3 activities, all designed to deepen their understanding of blockchain technology and decentralized applications (dApps), and expose them to exciting opportunities within Web3. As an incentive, users will earn Trust Points, a loyalty-based points system designed to reward user activity within the Trust Wallet mobile app. With Trust Points, users can earn rewards upon the completion of specific tasks, making Web3 more rewarding and fun.

In the future, Trust Points will offer additional gamification features, such as unlocking achievements, badges, and levels. This interactive approach not only boosts individual learning but also contributes to broader community education and adoption of decentralized technologies, making Trust Wallet Quests a dynamic and exciting way to reward loyal users and engage with communities in Web3.

On the motive for launching Trust Wallet Quests, Eowyn Chen, CEO of Trust Wallet, stated: “The complex technology and fast-paced industry can be intimidating for both new and seasoned users. The introduction of Quests on Trust Wallet further solidifies our commitment to making it easier for millions to navigate Web3, aligning perfectly with our mission to build a seamless Web3 hub and open ecosystem for all.”

Nate Zou, Head of Product at Trust Wallet, highlighted what to expect from Trust Points and Trust Wallet Quests: “Trust Points and Quests are just the first iteration of a much-needed reward system for our community. Within 2024, we have plans to build on this, combining rewards with many of our other web3 product offerings. Overall, we envision this points system not only changing how users engage with Trust Wallet, but also encouraging more collaboration between Trust Wallet, our users and other web3 ecosystem players.”

Trust Wallet Quests and Trust Points are now available on both Android and iOS versions of Trust Wallet’s mobile app. Download here: https://short.trustwallet.com/TrustWalletQuests

About Trust Wallet

Trust Wallet is the self-custody, multi-chain Web3 wallet and Web3 gateway for people who want to fully own, control, and leverage the power of their digital assets. From beginners to experienced users, Trust Wallet makes it easier, safer, and convenient for millions of people around the world to experience Web3, access dApps securely, store and manage their crypto and NFTs, buy, sell, and stake crypto to earn rewards, all in one place and without limits.

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