In January, a delegation from the HFA Board was invited by the DG FISMA office to discuss the European Capital Markets Union. DG FISMA focuses on strengthening the resilience of the EU financial system, supporting economic growth, and protecting consumers. There is a clear interest in Fintech as the movers and shakers in the financial service market. To what extent are Fintech players stimulated or hampered by the EU?

Representing the HFA board, Annemieke Roobeek, Douwe Lycklama, and Peter Strikwerda engaged in a meaningful exchange on topics crucial to the Fintech community.

We discussed the need for easier cross-border access and capital flows to stimulate the market. Currently, it is difficult for Fintech startups and scaleups to access European investors. As a result, some companies opt to expand to the US, despite the significant potential in European markets. Europe also has much to offer in terms of technology, AI, and ecosystems. However, bureaucracy, regulation, and uneasiness with new developments such as tokenization pose challenges for Fintechs.

We emphasized that making better use of the potential of Fintech in Europe requires an innovative attitude from the EU. A clear framework for capital and financial services is necessary, but nobody wants overly detailed regulations and directives. Frameworks can safeguard innovation and new investments. There must be a balance between the purpose of regulation and its application, to stimulate rather than stifle innovation. Douwe proposed the idea of creating a soft market infrastructure that promotes software products and services in the European realm.

The open exchange was highly appreciated by the EU representatives. As the HFA Board, we were – and continue to be – proud to be the voice of the Holland Fintech community.

Annemieke Roobeek,

HFA, independent chair