Takeaways from Nordic FinTech Week
Nordic FinTech Week
Nordic FinTech Week, took place in Copenhagen, Denmark on the 27th and 28th of September 2023. I was delighted to attend the in-person event, which is the largest FinTech event in the Nordics, bringing together the whole FinTech ecosystem including industry experts and thought leaders, FinTech innovators, Financial Institutions, Partners and Investors for two days of informative workshops and seminars addressing the latest developments and challenges in financial technology.
In recent years the Nordic region has become a global hub for FinTech’s and have captured the international markets attention, especially with countries like Denmark and Sweden placing in the top one third of best performing FinTech according to a study by McKinsey. We have also seen the number of FinTechs per capita, and funds raised by FinTech’s in the region has grown recent years. What makes Nordic FinTech week unique is it is an innovation-focused platform for networking, learning, and growth within the fintech community.
Let’s have a closer look at what each Nordic country is doing to support the growth of FinTech’s and digital innovation in Finance.
Denmark’s FinTech community thrives on close connections, enabling founders to trust and share information efficiently. The country has excellent access to both domestic and foreign investors, making it an appealing destination for funding. Danish FinTech’s demonstrate resilience, making them attractive to venture funds. Notable areas of disruption in Denmark include climate fintech and the emerging web3/metaverse space.
Sweden’s FinTech industry is thriving due to successful collaborations between innovators, government bodies, and startups. One advantage is the country’s openness to innovative providers, creating a welcoming environment for FinTech solutions. This cooperation among stakeholders in Sweden’s FinTech ecosystem leads to rapid advancements and promising opportunities for both providers and customers.
Despite its small size, Iceland benefits from excellent connectivity, fostering partnerships between traditional banks and FinTech’s. Banks actively invest in and collaborate with these tech companies, driving advancements in the financial sector.
While Finland has rigid and strict regulations this creates predictability and stability for FinTech’s. The strong but strict regulatory environment, however, comes as an advantage to some if they want to operate in a predictable environment.
Norway possesses a vibrant and tight knit business environment that actively encourages and facilitates synergies among various stakeholders within the fintech industry. This includes fostering collaboration between innovative fintech startups, well-established financial institutions, forward-thinking investors, and reputable research bodies. This collaborative spirit creates an ecosystem where knowledge, expertise, and resources are shared, leading to the development of cutting-edge solutions and advancements in the financial technology sector. It is a testament to Norway's commitment to fostering innovation and establishing itself as a global leader in the fintech space.
How are FinTech’s reshaping finance in the Nordics and Baltics?
Nordic Financial Institutions and service companies are embracing the future of finance and adopting FinTech solutions, and here are some reasons why;
The Nordics boast a highly digitized citizenship, therefore find adopting and adapting to new digitized solutions easier.
- The regulations are optimized for innovation, and companies receive high trust level from Nordic regulators allowing them to not be restricted by regulatory frameworks.
- Nordics have focused on many areas of innovation including; Open Finance, decentralised finance, ethical finance, the future of finance, and blended finance.
- Using Open Banking has transformed the banking industry, spurring innovation, improving experiences, and reducing costs. With Open Finance, you can get ultra-personalised products based on your data.
- Smart contract platforms are upending what we've known about finance by facilitating decentralised alternative financial systems. As new and exciting services are made possible by decentralisation technologies, users now have more ownership over assets and platforms and can also access new and exciting services that have never been possible before.
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