The Netherlands is one of the leaders in the field of mobile banking technologies. The percentage of electronic payments is also among the highest in the world. However, what are the financial technologies originated in the Netherlands which take over the global market? The Netherlands is very developed in the field of financial technologies within the country, however, still far from leading positions globally. But why not? On the one hand the Netherlands has all the necessary resources for becoming a global leader in the field of FinTech. Good education system providing the specialists, active stream of educated migrants; high level of economic development and availability of funds for investments. Then why innovations from the Netherlands can not take the leading positions in the world? One of the main reasons, in our opinion, is lack of broad programs of institutional support (first of all – governmental but not limited to it) which is available in countries which are known to be FinTech leaders. In order to reach the global market the innovation needs huge resources which are rarely available within one company. The innovation needs the support from the state, the support from the whole industry.
Below are the examples of institutional measures implemented in technologically advanced countries in order to activate the development of Fintech in the country. We believe is such measures would be implemented in the Netherlands – there would be no barriers left for the Netherlands to become a world leader in the field of Fintech.
International agreements (broadly implemented in UK) – international agreement between countries which make it easier for innovations from one country to cross the borders and “travel” to another country.
Institutional support from large financial institutions (implemented in UK) – banks can play a significant roles providing various forms of support for start-ups – financial, administrative, advisory, legal and others.
Large programs of governmental support (implemented in UK, Singapore) – programs of governmental support provide necessary recourses for the development of innovations
Declaring Fintech as one of the priorities on governmental level (implemented in UK) – in UK financial area is declared one of the priorities and therefore a large attention is given to this field
National online platform (implemented in South Korea) – online platform with useful information (on the regulations; information on governmental bodies which can offer consultation) for innovators, information on existing innovations, offers for B2B cooperation and a lot more. Online platform creates the room for the exchange of ideas and learning about the existing developments.