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Latvian platform takes extra steps to attract investors
HomeNewsLatvian platform takes extra steps to attract investors

Latvian platform takes extra steps to attract investors

News Desk
News Desk
January 31st, 2023
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[caption id="attachment_22358" align="alignleft" width="800"]This proved fertile ground for a host of startups that took advantage of the post-crisis mindset to develop new business models, she explained.

And those creative minds are necessary if the Latvian economy is to grow, Ms. Ozolińa-Bērzińa said.

“Because Latvia has few natural resources and a small population we have to promote our people. We have many beautiful minds behind startups in the Baltics. Take Skype in Estonia and AirDog in Latvia for example.”

“And hopefully Twino.”

Latvia has experienced a pair of momentous shifts in the past quarter-century, starting with the fall of the Soviet Union which was the first step in the country’s transition to a free market economy.

“As Latvia entered into the free market, people felt insecure. Many lost money in banks that went bankrupt.”

There was a transition period as the legal system was being rebuilt but corruption has been reduced and a safer business invest climate has developed, Ms. Ozolińa-Bērzińa said.

Because the Euro zone is so connected everyone feels the effect of the troubles plaguing Greece, Spain and others to the west, Ms. Ozolińa-Bērzińa explained, while adding the economy is stagnant and has yet to return to health.

That hurts the smaller countries, she said.

“Our economy is so small, unlike Germany’s or the United Kingdom’s. We feel every bad change.”

Many feel traditional finance tools have nothing left to offer, she added. Banks are not providing loans and new businesses struggle to establish enough history to even attempt to pursue such long shots.

Sound familiar America?

Ms. Ozolińa-Bērzińa said Twino and fellow platform Mintos are establishing a Latvian peer-to-peer association to further build credibility for the nascent industry. Like platforms across the world, she acknowledged the move will help address concerns of both investors and regulators.

“We are both pro-regulation, though if you look at England’s history, the industry regulated itself.”

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