The pulse of Latvian startup scene: Week #44

#StartinLatvia starts conquering the Korean market, expects progress with new bill supporting startups and more

Saeima starts reviewing new bill on support for startups

Saeima reviewed the Economy Ministry’s legislation on support for startup operations in the first reading on October 31, and approved the bill in principle.

The objective of the legislation is to introduce support programs for startups, thereby fostering the creation of new enterprises in Latvia. The draft bill says the goal is for Latvia to register 20 new companies each year, which would employ 120 accomplished employees.

The law will define what a startup is and what support programs are available to startups.

Latvian company PlayGineering Systems successfully enters Korean market

Latvian high-tech company SIA PlayGineering, which provides arenas with technology for collating various game statistics, is determined to conquer the South Korean market.

PlayGineering Systems has successfully participated in tenders organized by the Korean Ice Hockey Association and won the right to bring the PlayGineering technology to South Korean arenas. The company installs cameras connected into a single network structure, which use special programs to collate and analyze various data from sporting events taking place at the arena.

Rention insures platform users’ data for EUR 1.11 million

Developers of the real estate management system Rention have signed an insurance agreement with the British company Lloyd’s to step up the security of e-environment for platform users, including data protection, computer virus detection, and prevention of document loss.

Taking into consideration the potential threats to which electronic systems are exposed, as are any other systems involving transactions with third parties, Rention relies on professional liability insurance to protect the company and its clients. Not many companies in Latvia have such insurance policies at the moment, but this kind of insurance offers innovative protection against the latest threats in the digital age, from cybercrimes to unlawful acquisition of personal data, property rights violations, new computer viruses, hackers and much more.

Loans issued in Denmark to be offered on Mintos marketplace

Non-bank credit lender Creamfinance will now offer short-term, unsecured consumer loans issued in Denmark on the Mintos marketplace. The Mintos platform will host Creamfinance loans averaging from EUR 50 to EUR 1,000 with a repayment deadline of 5 to 30 days.

“High investor demand for Creamfinance loans was our main motivation for adding a new market to the Mintos platform. The Creamfinance Group highly values the trust investors have in us, therefore, we wanted to expand our offering of quality products to include short-term loans from our other countries,” emphasizes Creamfinance financial planning director, Georgijs Ustinovs.

New co-working space opens on Aspazijas Boulevard

Opera, a new office center from Regus, has opened at 20 Aspazijas Boulevard in Riga, placing the emphasis on co-working space. There are offices on three floors of the building, and the co-working space features fully-equipped workspaces and conference rooms.

The new co-working space is run and managed by Regus – one of the world’s largest providers of flexible workspace solutions. The Regus network includes approximately 3,000 business centers across 120 countries. The Regus business center offers various co-working spaces that are easily adaptable to clients’ needs.