For the banks it is about realising that they
can no longer handle all digital activities in-house, for Fin Tech firms it is about gaining
the credibility to attract the big players.
Nicolas Mackel, CEO of Luxembourg for
Finance, suggests there are a number reasons
why these polar opposites would attract,
as their conflicting ideals may be mutually
“Two years ago we were talking about
start-ups with tattoos, a year ago it was the
‘uberisation’. This is not going to happen,
and what we see in Luxembourg in Fin Tech
is that start-ups want to be regulated for two
“The first is credibility, its about confidence, you want to sell your product or your
service you want consumers to feel confident
about it and this confidence is what the
traditional industry provides.
“The second reason is granting access
to the market so Luxembourg may be a
small place but offers access to five million
customers in Germany, France etc.,” said
Tough nut to crack
Wim De Waele, CEO of Brussels-based
EggSplore also dispels the generalisations that
exist in Europe when it comes to traditional
financial services and newer Fin Tech start-ups.
“The different techniques and methodologies are being developed, but on the side
of start-ups, many are interested in partnerships with larger corporations, and getting to
market is the toughest nut to crack.
“It is no longer the bad guys versus good
guys, and the fast guys versus the slow guys.“
Moving away from their respective cul-
tures and collaborating appears to be on the
agenda for European Fin Techs, and these
partnerships will clearly move Fin Techs
away from just the good PR which they have
been afforded thus far, as deals are signed
and technology is implemented.
For Fin Techs to develop within EMEA they
need to produce on a business scale.
David Dab, chief innovation officer, ING
Belgium, highlights the importance of
“Getting to market is the
toughest nut to crack.”
—Wim De Waele, CEO, EggSplore
In the EMEA region, the emphasis for Fin Tech com- panies centres on the importance of credibility and collaboration. How can Fin Tech start-ups - who were not so long ago riding into conferences on skate- boards - co-operate with the stereotypical bureau- cratic slow moving banks? Well, as many experts are quick to point out, such partnerships are crucial for both players as the industry
looks to move forward. So it’s about finding common ground.
EUROPE, MIDDLE EAST AND AFRICA