We are all influenced by finance. A bit provocatively, one could claim that financial services enable all the very basic actions of the economy, the whole society, and our activities as citizens. Fintech sector in Finland is developing fast and the steady business environment together with the thriving startup scene makes Finland an excellent place to develop new innovative solution.
The rise of the fintech industry is linked to the disruption of financial services due to digitalization. The development of technologies and customer-centricity drive financial innovations and new business models. Agile startups challenge established players and force them to push beyond their boundaries. Only some years ago, this was seen as a confrontation between newcomers and incumbents while today opportunities of collaboration are utilized on a regular basis.
The Finnish financial sector has effectively contributed to the stability of society even in times of economic downturns and financial crises. This has been possible because of the high level of competence and citizens’ trust in financial institutions. Yet, currently, the industry incumbents are facing pressures to cut their costs and rethink priorities leading also to employee implications. Innovations and new business areas are required to support the economies. Financial sector innovations may also contribute to solving societal challenges such as indebtedness, financial inclusion, financial literacy, sustainability, and social responsibility. Helsinki Business Hub wants to develop actively the fintech sector in Finland and we welcome everyone to join.