Regional focus
A window into Europe
Following Britain’s departure from the EU, several UK fi ntechs have increased their presence in the Benelux countries. This isn’t hard to understand: cities like Amsterdam and Brussels are perfect for ambitious globalised fi ntechs keen to access the European market. Abi Millar talks to Simon Boonen, fi ntech lead at ING, and Kim Van Esbroeck, country head Belgium at Aion Bank, about why so many fi nancial players are drawn to the region.
F
rom a banking perspective, the Benelux region punches above its weight. An economic union of three countries (the Netherlands, Belgium and Luxembourg), its population barely nudges 30 million. However, this small chunk of land in Western Europe plays host to some of Europe’s leading banks and a buzzing fintech ecosystem.
The Dutch banking sector is the seventh largest in Europe, while Belgium’s is ninth and Luxembourg’s is tenth. The latter also ranks as the EU’s leading financial centre, according to CDI’s Global Financial Centres Index, despite having just 645,000 residents. The region’s outsize impact is due in part to its international openness. Aptly enough for the home of the European Parliament, the Benelux has garnered a reputation for being outward-looking and cosmopolitan. That represents a real draw for the international start-ups setting up operations there, not least the wave of fintechs seeking a European home after Brexit.
The post-Brexit promise
In 2019, the National Bank of Belgium reported that it had seen a rise in applications from British financial services firms interested in relocating here. These included Moneygram and eBury in 2017, along with Worldremit, TransferWise and Prepay Solutions in 2019.
“A Belgian licence ensures we can continue to provide a great service globally to our customers, whatever happens with the Brexit deal, Brussels is at the heart of all EU affairs, so establishing an office in the city makes great sense for us,” explained TransferWise chief executive Kristo Käärmann at the time.
Future Banking /
www.nsbanking.com Future Banking /
www.nsbanking.com
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Olena Znak/
Shutterstock.com
Olena Znak/
Shutterstock.com
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