Baltic Business Quarterly Winter 2020 Events

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W I N T E R 2020

2.99 â‚Ź

28 | My Office Boss’s office is everywhere 0ĂƒUWLĂšÄ? ÄŽXOWH 0LQWRV

38 | Cover Story Beyond Aesthetics

44 | Baltic Designers Limitless imagination

Design Transforms People 30 | I N T E RV I E W

“Design is a broad notion which also involves relation models and management processesâ€? 8OGLV 3ĂĽOĂ“QV 83%

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TOP 15 Fintech companies in the Baltics The German Business Award is awarded annually by the German-Baltic Chamber of Commerce to innovative companies in the Baltic states. It is known worldwide that the Baltic states are regarded as pioneers in the field of start-ups – and that they are also home to young and promising companies in the field of the digital transformation of the banking and financial VHFWRU (VWRQLD DQG /LWKXDQLD PDNH LW LQWR Ȥ)LQWHFKȢV 7RS ČĽ FRXQWU\ UDQNLQJ RI WKH Ȥ*OREDO )LQWHFK ,QGH[ &LW\ 5DQNLQJ ČĽ (VWRQLD UDQNV WK ZKLOH /LWKXDQLD WDNHV IRXUWK SODFH This year’s events took place in Estonia, Latvia and Lithuania under the motto “Fintech of the <HDUČĽ %XW ZKDW H[DFWO\ LV D Ȥ)LQWHFKČĽ" )LQWHFK FRPSDQLHV KDYH WKUHH FKDUDFWHULVWLFV WKH\ RIIHU financial services to the financial sector, their business model is based on information technology, and is therefore strongly linked to IT and lies outside the traditional financial sector. During the business award ceremonies, the audience witnessed the great pitches of all the participants and was able to see for themselves the extraordinary quality of the young companies. Here you can see all winners and finalists of the business awards and their business ideas in our Fintech portraits! PH

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Mobilly TX is an innovative GovTech company that offers an advanced solution that allows state and local institutions to offer indirect social benefits to citizens. The grants are made available in real time as soon as the recipient receives the service. Mobilly TX works quickly and eliminates the administrative burden of manual processes and the human error factor. 7+( ),1$/,676 Crassula – an open banking software platform that offers FinTech products as white labels. Its main customers

are financial institutions whose main business areas are merchant payment processing, banking, card issuance, wallets and more. Mintos – a global online marketplace for credit. The company offers private investors a simple and transparent way to invest in credit. Nordigen – a global provider of account data analysis that helps banks and lenders improve the speed and accuracy of their lending decisions. UX Design Agency 8;'$ Č&#x; WKH ILUVW )LQWHFK GHVLJQ DJHQF\ to specialize exclusively in financial UX / UI solutions.

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LITHUANIA 7+( :,11(5

Ondato is a complex information system about WKH FXVWRPHU .<& Č&#x; .QRZ <RXU &XVWRPHU DQG WKH FRPSDQ\ .<% Č&#x; .QRZ <RXU %XVLQHVV EDVHG RQ the analysis of big data and artificial intelligence. The “Ondatoâ€? solution is unique in that it is one of the first on the market to use the fastest, most flexible and accurate biometric tools required by any company obliged to identify customers in accordance with public and private sector law.

ESTONIA 7+( :,11(5

Veriff is an innovative start-up that helps companies quickly verify their customers. It uses a combination of machine learning and specialists to ensure fast and reliable verification. Artificial intelligence speeds up sessions with immediate feedback, while manual reviews by employees minimize further risks. With features such as real-time user feedback and background live checks, more users can be involved without compromising security. 7+( ),1$/,676 Admiral Markets Group AS – is a broker offering Forex & CFD trading on indices, metals, energy, equities, bonds and cryptocurrencies. AlphaBlues – offers companies AI-based virtual assistants and live chat. If the virtual assistant is no longer able to help, the chat is automatically transferred to the live chat system, so that the relevant contact person takes over. Bondora – is an online investment platform that offers various financial investment opportunities. EstateGuru OĂœ – is a platform for financing mortgage loans. The company is the leading European marketplace for short-term loans secured by real estate.

7+( ),1$/,676 ConnectPay – a financial services provider for fast-growing, internet-focused businesses that have not been served by established banks for a long time. iDenfy – an online identity verification company that helps reduce fraud and make businesses smoother and more profitable. NEO Finance – the operator of one of the leading crowdfunding SODWIRUPV 3 3 SHHU WR SHHU LQ /LWKXDQLD ,W LV WKH ILUVW DQG VR IDU RQO\ /LWKXDQLDQ 3 3 SODWIRUP RSHUDWRU WR KROG WKH IXOO (0, OLFHQVH SME Finance – currently the leader in the Baltic states in non-bank alternative financing. Financial services are provided quickly and easily, and existing customers have access to the self-service system.

74 | EVENTS Photo: Mikron Lithuania

Mikron opens factory in Kaunas At the end of September, the Mikron Automation division opened its new factory in Kaunas, Lithuania. Automation equipment for the automotive industry is produced here on a total of 1300 m2. Based in Switzerland, the Mikron Group develops, manufactures, and sells automation systems that help run highly accurate and productive production processes. It has production sites in Germany, Singapore, China and the United States of America. The number of employees in Kaunas is to be increased in the future – the company already employs 15 people with plans to recruit up to 50 specialists in the next few years. PH

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The best start-up game selected The best Baltic Sea start-up game of 2019 is an adventure game Weakless! AHK was delighted to organise the Baltic Sea Games Award as a part of the BGI project to strengthen and promote start-ups and their games within the Baltic Sea Region. This great event was held during the high-quality games expo GameOn in Vilnius. Start-ups from 8 European countries around the Baltic Sea submitted their games to the online competition. An online jury of game experts chose 4 winners – Area 86, Weakless, Hexagroove and Wanderlust Travel Stories. These 4 finalists pitched their games in front of a group of distinguished investors and publishers as jurors, as well as a live audience at GameOn in Vilnius. AHK organised also the online voting and live voting during the Baltic Sea Games Award ceremony. Baltic Sea Games by the Baltic Game Industry project was financed by the European Union’s European Regional Development Fund, within the Interreg Baltic Sea Region programme. LM

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| EVENTS Photo: Marko Mumm

The German-Estonian Business Conference 2019 On 29 November, the German-Estonian Business Conference 2019 was held at the Kultuurikatel in Tallinn. The participants enjoyed interesting talks from high-ranking speakers, who also shared their expertise on a wide variety of topics with the interested audience in panel discussions. The focus of the event was on economic relations and business cooperation between Germany and Estonia. From the state and future of the Estonian and German economies, to the biggest drivers of the automotive industry of tomorrow, and the challenges of sustainable freight transport – the range of topics was broad. But the participants were not only supposed to listen to the speakers and debaters, but could also submit questions and make contributions to the event live via smartphone. The audience made good use of this opportunity, with many questions reaching the moderator Oskars Priede, who guided us through the event in front of the impressive industrial backdrop of the Kultuurikatel. The program offered the participants some important personalities from German-Estonian politics and business. For example, JĂźri Ratas, Prime Minister of Estonia, spoke alongside Christiane Hohmann, the German Ambassador in Tallinn, Ăœlo Kaasik, Vice President at the Bank of Estonia and Claudia DĂśrr-VoĂ&#x;, State Secretary at the Federal Ministry for Economic Affairs and Energy, who greeted the participants by video message. During lunch and coffee breaks, the participants enjoyed the delicious food on offer and got the chance to expand their networks – many business cards were exchanged on this rainy day in Tallinn. The evening gala following the German-Estonian Business Conference celebrated the 25th anniversary of the German-Baltic Chamber of Commerce in Estonia. The gala included the awards ceremony for the German-Estonian Business Prize and was opened by Taavi Aas, Minister of Economic Affairs and Infrastructure of Estonia. Christiane Hohmann and the President of the German-Baltic Chamber of Commerce, Christopher Zimmer, also addressed the audience. The guests were able to enjoy an evening full of exciting pitches from the business award finalists and other interesting points on the agenda in the stylishly redecorated Kultuurikatel. The two coveted SUL]HV Ȥ0HPEHU RI WKH <HDUČĽ DQG Ȥ([SRUWHU RI WKH <HDUČĽ ZHUH DOVR awarded during the event. The office manager of the Estonian office of the German-Baltic Chamber of Commerce, Tarmo Mutso, and the CEO of the German-Baltic Chamber of Commerce, Florian SchrĂśder, SUHVHQWHG Ȥ.žKQH 1DJHOČĽ ZLWK WKH Ȥ([SRUWHU RI WKH <HDUČĽ DZDUG Ȥ.DHVHU .RPSUHVVRULGČĽ ZRQ WKH WLWOH RI Ȥ0HPEHU RI WKH <HDUČĽ And guests who didn’t want to go home afterwards were taken to the Olympic Park Casino in the Hilton Tallinn Park hotel, where the anniversary was celebrated into the early hours of the morning, with buses chartered especially for the gala. PH

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EVENTS | 77

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78 | EVENTS Photo: Kaspars Garda

Overhauling the renewable energy subsidy scheme In Latvia, the production of electricity from renewable energy resources and cogeneration plants is supported by a complex surcharge scheme based on a feed-in tariff. Nominally meant to sponsor green energy, the so-called mandatory procurement component has been subject to abuse – and has led to high electricity bills that caused great discontent among energy consumers and industrial companies in particular. To put an end to manipulations that distort the subsidy system and discredit the idea of supporting renewables, the government has decided to hit the brakes and reform the controversial scheme. In a meeting ZLWK PHPEHUV RI *HUPDQ %DOWLF &KDPEHU RI &KDPEHU $+. RQ 1RYHPEHU LQ 5LJD WKH (FRQRP\ 0LQLVWU\ȢV GHSXW\ VWDWH VHFUHWDU\ ']LQWDUV .DXOLĂšÄ? RXWOLQHG WKH VWHSV WKDW KDYH EHHQ WDNHQ LQ WKLV GLUHFWLRQ Great interest and much discussion were also prompted by the National Energy and Climate Plan for Č&#x; WKDW .DXOLĂšÄ? SUHVHQWHG DV SDUW RI WKH ORQJ WHUP SHUVSHFWLYH RI WKH /DWYLDQ HOHFWULFLW\ VHFWRU AW

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EVENTS | 79 Photo: Kaspars Garda

Significant steps to drive the Latvian financial sector forward 7KH QHZ OHDGHUVKLS RI WKH )LQDQFLDO DQG &DSLWDO 0DUNHW &RPPLVVLRQ )&0& KDV WULHG WR WDON XS LWV RQJRLQJ HIIRUWV to clean up the country’s banking scene after a spate of money-laundering scandals in recent years. In a meeting ZLWK PHPEHUV RI WKH *HUPDQ %DOWLF &KDPEHU RI &RPPHUFH $+. RQ 2FWREHU LQ 5LJD WKH QHZO\ DSSRLQWHG )&0& FKDLUZRPDQ 6DQWD 3XUJDLOH DQG )&0& FRXQFLO PHPEHU .ULVWÃ¥QH ÃŒHUQDMD 0HĤPDOH SUHVHQWHG WKH VHULHV RI actions that were taken by the FCMC to strengthen the supervision of financial institutions and have resulted in a significant drop in high-risk customers in the Latvian financial market. While ensuring that the banking watchdog is to continue rigorously implementing recommendations from international institutions such as Moneyval and the International Monetary Fund, both FCMC representatives also promised to step up dialogues with international investors in Latvia. Not least because some of the attendees voiced concerns about the current reticence of local credit institutions to lend and do business with foreign companies due to the regulatory clampdown. AW

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80 | EVENTS Photo: Kaspars Garda

Discovering new business opportunities From 11 November to 15 November 2019, the German-Baltic Chamber of Commerce conducted a business WULS WR (VWRQLD DQG /DWYLD RQ EHKDOI RI WKH )HGHUDO 0LQLVWU\ RI (FRQRPLFV DQG (QHUJ\ %0:L The participants from Germany gained an insight into the Estonian and Latvian markets and learn about local conditions. In this way, contacts were established with local representatives from business and administration as well as with other important multipliers. The target group was representatives of German companies from the fields of analysis, biotechnology and laboratory technology for medical devices and pharmaceutical applications, the agricultural sector, environmental analysis and the food and beverage industry. Six German companies participated in the initiation process. The participants were brought into contact with potential business partners from the laboratory and medical trade, contract laboratories, research institutions, universities, the chemical, food and pharmaceutical industries as well as representatives from the responsible associations. The delegation was accompanied and supported by the AHK for the Baltic states. PH

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