Belgium has many strengths in the fintech field which reflects the DNA of the Belgian financial sector. In fact, FinTechs have a great impact on the Belgian financial sector thanks to their innovative power. They not only contribute to making it sustainable, but also to putting the customer back in the picture.
FinTech’s are mainly financial management platforms – innovative payment methods via smartphone, smart bank account management, cryptocurrency fans – even transactional, but not only, the financial ecosystem is much broader and can even play a role in terms of inclusion and sustainability.
“The financial sector is becoming more and more digital. And the power is increasingly shifting to the customer, both in terms of finance and data. Of course, this requires education, transparency and inclusion. In addition, the focus on ESG continues to grow. Fintech is crucial in these developments and will become even more important in the coming decade”, comments Alessandra Gambrill-Guion, General Manager at Fintech Belgium.
ESG is currently proving to be a priority for the Belgian financial sector. One of the reasons for this is the introduction of ESG-oriented regulations as part of the European Green Deal, which will inevitably have an impact on the financial sector. In addition, there is currently pressure from the market, clients and users to include more ESG and sustainable products.
The growing adoption of these practices provides an ocean of opportunities for fintech’s to collaborate with banks and financial institutions to build partnerships.
“Financial technology innovation is poised to deliver a new societal breakthrough by helping fund managers and investors unlock the complexities of ESG investment obligations (those that ensure environmental, social and governance criteria)”, says Anton Kaidorin from SoftServe
Belgian startups active in fintech related to ESG challenges are still few in number, but their number is expected to increase in the next few years. The intelligence and know-how is there and should see the emergence of new companies in the field.
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