Igniting change: Belgium's Rise in the Digital Financial Landscape
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Discover one of the articles from our brand new magazine, the Belgium Fintech Magazine - #1 Dec 23
Igniting change: Belgium's Rise in the Digital Financial Landscape
By Jean-Louis Van Houwe, Chairman Of The Board At Fintech Belgium
As the global financial landscape undergoes a revolutionary shift, Belgiur stands at the forefront of this transformative journey, its ecosystem pulsating with a unique blend of B2B and B2C players. In the heart of this evolution lies the essence of Open Banking, Al, Blockchain and Regulation, steering our resolute nation towards a future where digital innovation converges seamlessly with traditional financial services.
Over the years, our ecosystem has experienced significant advancements in various domains. While this list is not exhaustive, it highlights some of the positions of strength that Belgium contributes to the national and regional financial services with:
Mobile Payments: Redefining Transactions
Belgium's financial evolution is marked by a quick move to mobile payments, leaving behind traditional card transactions. The country supports a unique national scheme, encouraging the use of mobile payment apps like Google Pay, Apple Pay, and local services like Bancontact. Despite starting later than countries like France, and UK, Belgium aims for over 50% mobile payment adoption in the next three to four years.
Mobile Banking: A Digital Transformation on the Plateau of Productivity
Belgium's digital shift includes a surge in mobile banking, with more Belgians using mobile apps exclusively for wire transfers and financial dealings. With a robust digital service foundation established over 40 years, Belgium stands out as a European digital banking pioneer. KBC and Belfius, two major banks, secure the fourth and fifth spots in Europe's premier mobile banking applications.
Blockchain and Crypto: Adapting to Financial Storms
In the blockchain domain, Belgium has seen various players, with some grappling with the uncertainties of cryptocurrency trading. As conventional cryptocurrency markets face setbacks, attention turns to harnessing blockchain technology for effective asset management Belgium skillfully deals with challenges, foreseeing blockchain's potential to enhance liquidity and streamline exchanges for traditionally illiquid assets.
Transformative Forces: Al and Machine
Al and machine learning are transforming banking in Belgium. KBC, a leading bank, is at the forefront, using its own Al agents like Kate, the virtual assistant in their mobile app. This adoption of innovative tech puts Belgium ahead in the world of Al-powered finance.
Innovative Regulation: The Intersection of Fintech and Regulation
Belgium plays a crucial role in European fintech as a regulatory hub, with directives like PSD2 and PSD3 originating from Brussels. Instead of hindrances, these regulations boost competition, widen financial service access, and foster an environment for fintech innovations to thrive.
Insurtech: Exploring Fresh Frontiers
Insurtech is reshaping the insurance landscape by infusing technology. The integration of digital tools and Al is transforming sales processes and revolutionizing how claims are handled. In Belgium, insurtech is picking up pace, addressing historical challenges in technology adoption within the insurance sector.
Spotlighting Belgian Innovation
The sheer volume of innovation and thought leadership coming out of our market deserves a spotlight. Belgian Fintech has much to offer to the European and global ecosystems, and we are committed to providing a platform for our Fintechs to showcase their disruptive potential. By connecting the dots across the ecosystem, we aim to accelerate the arrival of a new era in finance.
The Digital Finance Summit (DFS) stands out as a crucial channel, reflecting Belgium's dedication to keeping pace with the rapid changes in the financial landscape. With its eighth edition on the horizon centred around "Navigating the Speed of Change" the DFS attracts over 40% international participation, showcasing Beigium's role at the intersection of global fintech conversations. It is through the DFS that representatives from across the ecosystem can come together to share insights, dreams, and visions, to strike partnerships and to move fintech as a regulatory hub, with directives like the European conversation on Fintech forward.
Fintech Belgium’s Vision: Guiding European Innovation
Fintech Belgium, as a foundational member of the European Digital Finance Association, envisions a future where Europe remains a powerhouse in creating value through financial services. By debunking misconceptions surrounding fintech, the association aims to spotlight its role in fostering financial inclusivity, driving economic efficiency, and propelling Europe into a new era of digital finance.
Welcome to the inaugural edition of the Belgium Fintech Magazine! invite you to uncover the remarkable innovations shaping the future of financial services, from the heart of Europe to the rest of the world.
Published and Distributed by FinTech Belgium asbl
Contact: Alessandra Guion - CEO