Digitalization is forcing the traditional business models to change in the financial sector and enables new innovations. The steady business environment together with the thriving startup scene makes Finland an excellent place to develop new innovative solutions. A report published today reveals that to succeed in creating an excellent fintech ecosystem, Finland needs courage, fast actions, and cooperation.
The most comprehensive study ever made of the Finnish fintech landscape was published today at Finland fintech Forum event. The study was delivered by Deloitte and ordered by Fintech Finland and Helsinki Business Hub. The objective of the study was to get a fact-based understanding of the Finnish fintech landscape and the supporting ecosystem as well as key recommendations for the strategy determining how to make Finland an internationally recognized fintech hub.
The high level of competence and the strong ecosystem around technology start-ups create good premises for Finland to be a significant operational environment for fintech. However, the study published today reveals that active actions are required for Finland to succeed in international competition. The results of the study indicate that a well planned long-term co-operation between the different parties of the Finnish fintech scene is the key to success.
Hans Rosendahl from Deloitte sums up the results by saying, that we have good starting points but we need a clear vision and a high level of ambition. We also need to hurry because the industry is developing rapidly. Finland can take its place in the fintech field but it requires determination and courage to move forward fast.
There’s a lot to win when it comes to fintech since it’s one of the fastest-growing industries. The fintech companies can be remarkable employers and we can harness the financial technologies and services to boost our international competitiveness as new exports. The financial innovations can also provide solutions to societal challenges such as increasing sustainable development and economical literacy, or preventing indebtedness.
So, the key findings of the study are that to reach these goals and to succeed in creating Finland an internationally recognized Fintech Hub we need to invest in international visibility and the co-operation between the different parties inside not only the fintech ecosystem but also the ecosystems of other industries supporting it. It is also important to co-operate with the research and educational field. Also crucial to the development of the fintech industry is regulation that allows new innovations and business models. Thus, we should strengthen the interaction with the legislative authorities, too.