Debitum Network Looks to Push Baltic Fintech, Mobile Payments Advances
It may surprise you to know that the three little countries that form the Baltic States-Estonia, Latvia and Lithuania-have become major figures in financial technology (fintech) over the years. Anyway, these little countries are bringing out some heavy hitters, and one of the latest and greatest is the Debitum Network.
A recent study by the World Economic Forum rated this trio as three of the seven leading innovators in the field, joining such major nations as Sweden and the United Kingdom itself. Though there are merely around six million people in the region, it’s already become known for fintech luminaries like Bondora, Mintos, and TransferGo.
Now, with blockchain an increasingly large part of the proceedings in fintech, the three are turning their attention to development therein. With the current operations used in the Debitum Network, it actually becomes possible to assess a loan application immediately. That means, for those qualified, funds can be disbursed much more rapidly and those who qualify can put them to work promptly.
Martin Liberts, co-founder of the Debitum Network, noted “The finance world has acknowledged that blockchain technology is here to stay, and this is evident with major European banks such as BBVA, Credit Suisse, and SEB using it. As way of improving transparency amongst alternative finance providers, transparency-boosting KYC/AML procedures have been put in-place to maintain the popularity of alternative finance amongst SMEs. With banks gradually turning to decentralized technologies, it is important for alternative finance providers to adopt blockchain in order remain relevant to SME owners.”
It just goes to prove, in the end, that a good idea really can come from anywhere. While most likely didn’t expect the Baltics to produce top-notch fintech, they did, and on several occasions. So many occasions, in fact, that they’re now one of the leading sources of innovation in Europe. The Debitum Network is just the latest such effort, and it’s going to deliver plenty of impact on its own.
As the Debitum Network improves loan processing and contributes to the growth of fintech and mobile payments, it’s a safe bet that the Baltics are already working to produce more advances. It will be interesting to see what they come up with to top Debitum.