Frankfurt

Frankfurt is taking position as FinTech market

Deutsche Börse’s FinTech Hub seeks potential partners for building a first network between Norwegian start-ups and their German counterparts and hubs. Norway, with its young and vibing start-up scene and its advanced measures within FinTech, have great potential in Germany.

In 2016, Germany was ranked as the fourth largest FinTech market in in the world. The importance of Germany even may increase in the years to come. A recent representative survey among 254 top managers carried out by EY indicates that Frankfurt might become Europe’s FinTech capital of tomorrow. Already every 7th financial institution considers moving their European Head Quarters from London to Frankfurt in the light of the Brexit referendum.

Frankfurt is continental Europe’s major financial center; the European Central Bank and Germany’s largest banks are already situated in “Mainhatten”, how insiders call the metropolis located by the river Main. And In addition the Federal Financial Supervisory Authority (Bafin) has already set the course for attracting more foreign institutions from the financial sector to re-locate in Frankfurt.

Old meets New: Start-ups focusing on FinTech enhance changes

Today, there are around 250 FinTech undertakings in Germany covering different business models which range from services that are similar to those provided by banks- such as loan brokerage and automated financial advice – to additional services, particularly in the area of payment transactions and finance management. This is one reason why in 2016, FinTech companies in Germany have acquired more venture capital than for example FinTech’s in the UK.

For banks, the growing competition of FinTech’s represent challenges. Banks could lose around a third of their revenues to the new way of thinking. However, in the light of that customers in the financial market are more open to change as never before, banks need to undertake digital transformation and are encouraged to work together with the FinTech scene.

Whats in it for Norway?

Deutsche Börse as major player has a vast network and is continuously looking for smart ideas from young entrepreneurs who want to be part of the financial world.  Clever solutions from Norway are more than welcome.

Earlier this month, a Norwegian delegation (IN participated) visited Deutsche Börse’s FinTech Hub to gather a common understanding of the opportunities the German market has to offer and to find potential partners for building a network between Norwegian start-ups and their German counterparts.  “There is lots of common ground to cooperate, because PSD2, the second Payment Services Directive, will change everything.” (Roger Schjerva, Chief Economist of ICT Norway, 01.02.17, Frankfurt)

Interested?

For more information about the FinTech environment in Frankfurt/Germany please contact us:

Tim Genge
Market Advisor,  Innovation Norway Germany
Mobile: + 49 151 1414 48 54
Email:  tim.genge@innovationnorway.no

 Katja Kerschke                                                                
Market Advisor,  Innovation Norway Germany
Mobile: +49 173 157 0100
Email: katja.kerschke@innovationnorway.no

Foto: Flickr / Markus Jaschke

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