The Baltic States of Estonia, Latvia and Lithuania occupy a strategic location at the juncture of the EU, Nordic and CIS regions.
IT and Financial Services are significant, profitable and growing sectors in all three countries, making them attractive markets for Irish companies to target for export sales and partnerships.
The Baltic FinTech sector comprises of approximately 150 companies and is growing fast. Two key buyer types exist: globally oriented start-ups and established Banks and payment providers who use the region as a hub for research, development and shared services.
All three countries can be considered as advanced in payments and process automation. Estonia is particularly strong in blockchain, e-ID and cryptography, Latvia in consumer lending, Lithuania in Bank IT. Certain segments of the regional market are weak, including WealthTech, Biometrics, Analytics and RegTech.
Opportunities for Irish companies in the Baltic States include export sales, solution sourcing and strategic partnerships.
As Ireland is a springboard to the US and UK, so the Baltic States offer similar potential to Nordic and German markets, who’s companies are extremely active.
Market entry is straightforward due to the same currency, regulation and similarities in market size and business environment. Critical success factors include due preparation and understanding differences in communication style.
Enterprise Ireland is committed to assisting and supporting our clients in market entry and expansion. Our team of experienced professionals in the regional can support you in pre-visit intelligence and in-market introductions, launches, events, etc.
The most recent Fintech Trade Bridge Mission took place in Dublin Sept 2017, Key Capital on behalf of Enterprise Ireland partnering with Enterprise Estonia, managed a 3 day Fintech Event. Read on for details of event.
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15 Estonian companies travelled, here is just some feedback from the Trade Mission;
The trip was organised much better than I ever dreamed on… So thank you, and for Märt as well. And thanks for all others, specially Kai, who have contributed to the success of the trip, such a good experience for me! Madis Sassiad, Director, GoSwift
Good contacts with CUDA Solution Center and few credit unions. Also direct contact with the Estonian Honorary Consul and Embassy Staff. It would be good, if interested credit unions would visit Estonia in coming months. Andrus Alber, CEO, Finora Capital
Great to meet you last week – and nice job on putting that seminar together. Plenty of food for thought! Stephen Walsh, CEO, Keeper Solutions
Great meeting you and well done on a very interesting talk! Owen Sorensen, CEO, Planet Verify
Likewise it was very nice to meet you and I enjoyed your presentation. Philip Sharpe, CEO, Sonalake
Thanks for facilitating the Estonian delegation last week, it was a very interesting discussion. Conor Fahy, Regional Director, Enterprise Ireland
Thanks for putting together a great event, I hope we can implement some of the solutions soon! Phil Hegarty, Operations Manager, Credit Union Plus
I found it very interesting and informative. Paul Tucker, Prison Officers CU
(Pictured Minister Pat Breen, Simm Sikkut, Estonian Deputy Secretary General for Communications, Kristin Karelsohnm, Estonian ambassador to Ireland, Leo McAdams, Enterprise Ireland. Picture: Fennell Photography.)
— Enterprise Ireland (@Entirl) August 31, 2017