Blog: Empowerment of new generation FinTechs

21 June 2023

It is time to empower the new generation FinTechs.

Six FinTech companies based in the Netherlands, including bunq, and Flow Traders, believe the Netherlands should strengthen its leading position within the FinTech industry as well as benefit and harness the innovation that FinTechs bring to the economy and society.

The combined call to action these FinTechs have comes from the conviction that innovation is essential to achieve a sustainable and competitive economy, fostering entrepreneurship and facilitating the next generation FinTechs in Europe. We believe in this call also to avoid dependence on non-European players in the financial sector, and to promote a cost-efficient, transparent, and open financial system.

The CEOs of these FinTechs understand that while traditional financial institutions are more conservative in embracing innovation, FinTechs are focused on creating space for it. However, we feel more is required to adequately facilitate the emergence of the new generation of FinTechs. Opportunities of FinTechs in the Netherlands are too often overlooked, and we believe we need to enable and invest in the community who are driving ground-breaking solutions to improve the financial ecosystem. This is to both ensure the Netherlands remains an independent player as well as empowering FinTechs to continue to develop the innovative solutions.

The Netherlands is the European leader in FinTech
The leading position the Netherlands has created for FinTechs has resulted in many successful businesses, employing tens of thousands of people and contributing its commercial success to the economy.

To maintain and strengthen this position, more focus on innovation is needed, more attention needs to be drawn to the added value of FinTech and further efforts to attract and train the right domestic and international talent need to be made. This emphasis is necessary to accelerate the development of next-generation European FinTechs in the Netherlands.

The coalition of FinTech companies, name the companies, has invited policymakers, politicians, and wider society to engage with us and jointly stimulate responsible innovation in the Dutch FinTech sector. Through this, we are convinced that the sector will make a crucial contribution to a future-proof Dutch economy.

Please see the letter here, in Dutch and in English.