According to a new report from Holland FinTech, three key factors have been identified which will help put the country on the global FinTech map, and even make it a hub for future innovation. First and foremost, there is the topic of regulation and legal framework, a very sensitive issue in any country. Actions to be taken in this regard range from a more prosperous collaboration between government, corporation, and research institutes to creating a joint vision for this industry. By developing a joint strategic agenda, key challenges for FinTech companies in The Netherlands can be identified and addressed.
The report mentions how European economies and interconnected, yet the regulatory landscape is scattered and disconnected. Such a situation will not lead to financial innovation any time soon, and it will hurt startups as there is no clarity. In the end, the existing Dutch regulatory framework makes The Netherlands less attractive to FinTech in general.
Bitcoin and digital currency are also named as one of the driving factors for FinTech innovation. However, with the country’s regulation lagging behind other countries, The Netherlands lost the first-mover advantage to Luxembourg, who recently defined Bitcoin as scriptural money and giving it currency status.
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