Motto 2019: "FINTECH of the Year"
Digital transformation has also impacted the financial sector, which is currently in a phase of change and promises significant expansion and growth. Fintech is probably one of the fastest growing sectors today. In recent years, there have been many innovative IT companies on the market offering digital solutions for financial services.
Fintech companies have three characteristics: they offer financial services for the financial sector, their business model is based on information technology and is therefore strongly linked to IT and lies outside the classic financial sector.
The financial innovation in technology created by these companies has the potential to transform the financial services industry in the long term. By offering new, better or more cost-effective solutions, fintech companies compete with existing, traditional financial service providers and force them to open up to digital change. For these reasons, the German-Baltic Chamber of Commerce (AHK) would like to honor and support the promising fintech companies in 2019.
The winners of the German Business Award 2019 in
Latvia
Fintech of the Year: MobillyTX
Mobilly TX is an innovative GovTech company that offers an advanced solution that enables state and municipal institutions to provide indirect social benefits to citizens. The subsidies are made available in real time as soon as the recipient receives the corresponding service. Mobilly TX works quickly and eliminates the administrative burden of a manual process and the human error factor.
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Based on statistics, we evaluated a number of manufacturing companies with a total turnover of more than EUR 1 million according to the relative increase in their exports to Germany from 2017 to 2018. Laflora was able to convince and was therefore awarded the title of Exporter of the Year.
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Member of the Year: AKG Thermotechnik Latvia
The decision on the AHK Member of the Year was made by the AHK Regional Board, taking various factors into account. Among other things, the member's commitment to the AHK, the member's participation in AHK events and the company's contribution to bilateral economic relations between Germany and Latvia influenced the decision-making process. AKG Thermotechnik Latvia, as a long-standing member, meets these criteria.
Lithuania
Ondato is a complex information system about the customer (KYC - Know Your Customer) and the company (KYB - Know Your Business) based on the analysis of Big Data and artificial intelligence. The "Ondato" solution is unique because it is one of the first on the market to use the fastest, most flexible and accurate biometric tools necessary for any company obliged to identify customers in accordance with public and private sector law.
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Exporter of the Year: Yazaki Wiring Technologies Lietuva UAB
Based on statistics provided to us by Verslo žinios, we evaluated a number of manufacturing companies with a total turnover of more than EUR 1 million according to the relative increase in their exports to Germany from 2017 to 2018. Yazaki Wiring Technologies Lietuva UAB was the most convincing and was therefore awarded the title of “Exporter of the Year”.
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Member of the Year: Layher Baltic UAB
Layher Baltic UAB, as a long-standing member (since 2013), fulfilled all the criteria set by the regional board for the member of the year and was also able to convince the board through its own initiative at the German Language Days, during the development of ideas for the event, as well as various sponsorship activities for AHK projects and events.
Estonia
Veriff has secured the coveted title of “Fintech of the Year”. Veriff is a global online verification company that protects businesses and their customers’ online identities from fraudsters.
With features such as real-time user feedback and live background checks, more users can be onboarded without compromising security.
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Exporter of the Year: Kuehne + Nagel
Based on statistics, we evaluated a number of manufacturing companies with a total turnover of more than EUR 1 million according to the relative increase in their exports to Germany from 2017 to 2018. Based on these statistics, “Exporter of the Year” was Kuehne+Nagel – EUR 28 million in export growth and more than 400 employees secured the company the title.
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Member of the Year: KAESER Kompressorid
The decision on the AHK Member of the Year was made by the AHK Regional Board, taking various factors into account. KAESER Kompressorid OY Eesti filiaal has been an active member of the AHK in Tallinn since 2013 and met all the criteria set for the Member of the Year. The member's great commitment to the AHK particularly stood out!
General framework
Participants
The competition is open to all fintech companies based in Estonia, Latvia and Lithuania – both established and experienced companies and start-ups.
Evaluation criteria
The following criteria are evaluated:
- Innovation
- Advantage/improvement for customers
- Status of internationalization
- Marketability of the business model
- Number of partners
- Relationship to Germany
- Development stage of the company
Additional awards
In addition to the main prize, the following AHK awards will be presented this year:
- Exporter of the Year - the winner of each country is determined based on statistical data (largest increase in exports to Germany in 2018 compared to 2017).
- Member of the Year - the regional boards of the AHK will each honor one member from Estonia, Latvia and Lithuania for their special achievements.
Award
The award includes a representative glass trophy, a certificate and paid participation in the largest fintech event in Germany - Fintech Week in Hamburg (November 4th-8th, 2019). This includes the flight to Germany and accommodation in a hotel for one person.
The winners of the special awards "Exporter of the Year" and "Member of the Year" each receive a glass trophy, a certificate and a VIP table at the Oktoberfest in Riga and Tallinn.
The award ceremony of the German Business Prize in Estonia, Latvia and Lithuania and the associated winners receive a lot of media attention every year.
Patronage
The patronage for the German Business Award in Estonia, Latvia and Lithuania is assumed by the German ambassador residing in the respective country.
The patron of the German-Estonian Business Award 2019 is the German ambassador to Estonia, Christoph Eichhorn.
The patron of the German-Latvian Business Award 2019 in Latvia is the German ambassador to Latvia, Mr. Rolf Schütte.
The patron of the German-Lithuanian Business Award 2019 is the German ambassador to Lithuania, Ms. Angelika Viets.
Jury
The submitted applications will be evaluated by a competent jury, which, depending on the country, is made up of representatives from various regional institutions. The exact composition for Estonia, Latvia or Lithuania can be found in the country-specific calls for entries for the German Business Award.
The jury will select five finalists who will give a 5-minute pitch during the award ceremony. The audience will evaluate this presentation with live voting. During the ceremony, the jury will give its evaluation of the finalists again, which will be added up with the audience votes.
The jury members:
- Florian Schröder, AHK Baltic CEO
- Martin Langer, Embassy of the Federal Republic of Germany Tallinn
- Prof Alexander Knauen, Volksbank
- Andrus Alber, FinanceEstonia
- Anu Oks, EstBAN
- Ove Kreison, Modularbank
Timetable
In Latvia
- Announcement: April 8th to 30th
- Application deadline: April 30th
- Jury evaluation and selection of finalists: May 2nd to 7th
- Online voting on the Internet: May 8th to June 5th
- Festive award ceremony: June 6th, at 6 p.m. in Riga
In Lithuania:
- Announcement: April 8-26
- Application deadline: April 26
- Jury evaluation and selection of finalists: April 29 - May 3
- Online voting on the Internet: May 7-28
- Award ceremony: May 29, at 6 p.m. in the NationalGallery of Art, Konstitucijos pr. 22, Vilnius
In Estonia:
The awards ceremony took place in November.
These were the business awards of 2019
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