Region/Countries: Benelux Countries, Europe Industry: Other Date: July 2020

Why this is important to Wisconsin businesses: Amsterdam has become a hub for the fast-changing sector.

The financial technology (fintech) industry in the Netherlands is booming and is also evolving quickly as companies innovate. Broadly speaking, fintech companies incorporate diverse technologies such as blockchain and artificial intelligence in financial sectors to increase efficiency and security.

Large banks and insurance companies in the Netherlands are actively collaborating with fintech startups and engaging in diverse activities to deploy these technologies. In order to cope with the steep growth in the Dutch market for financial innovations, the authorities set up a system in 2016 called “Innovation Hub” to support companies on the questions they might encounter. The Netherlands is now among the leading countries for online shopping, as the market share of cash payments decreased to only 40% in 2017, and the country has gained the position of a “rising new fintech hub.”

The future outlook for the Dutch market looks positive, as an increase of approximately 60% is expected for digital payments by 2024. Amsterdam especially holds a favorable combination of a diverse but substantial financial sector, a rapidly growing tech ecosystem and a top-notch digital infrastructure. As managing director of Startupbootcamp Michael Dooijes states: “Amsterdam’s fintech ecosystem, in comparison to large European fintech hubs such as London and Frankfurt, is growing at a rapid pace.” His company received support from established banks such as Rabobank and ABN AMRO as well as corporates like Achmea, Nationale Nederlanden and PwC. Michael Kent, CEO of the leading European digital money transfer service Azimo, added: “Amsterdam really forms the heart of the action when it comes to continental European opportunity, and it has a thriving fintech scene.”

The Dutch government supports innovation, either by offering a subsidy or tax benefits. Wisconsin companies can discover opportunities to collaborate with Dutch fintech companies by attending the virtual IoT conference on Nov. 24-25, 2020.