In order to make the Netherlands a payments fintech hub like London, local players have released a new report showing that for this to be possible the government will have to embark on an overhaul of the country’s regulation. The report released by Rabobank, ING, Holland FinTech and Roland Berger shows that beyond regulation, the country must improve expertise at the industry watchdogs and improve cooperation between startups, existing players and government.
Commenting on the report, Don Ginsel, director, Holland FinTech said,
“If the government, regulators and private players do their homework, fintech can become the next ‘mainport’ of the Netherlands: or should we say the next ‘payport’.”
While the changes required in the Netherlands won’t occur overnight, the Netherlands has a reputation for innovation and willingness to change and so there is no reason to suspect that change won’t happen in the future. The only question is whether the Netherlands is has left it too late and whether it can close the gap on London and other emerging European centers of fintech.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service at Mercator Advisory Group
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