Fintech is a favorite topic, and countries around the world are paying close attention to advancements made in this particular industry. Denmark is planning to take things to the next level by opening a national fintech hub. Under the name “Copenhagen Fintech,” the Nordic capital wants to be one of the industry leaders moving forward.

Danish Bankers Association Embraces Fintech

Nearly every country in the world is keeping a close eye on the fintech sector as of late. There is no better time for payment innovation than right now, and many things are expected to change between now and 2020. Accommodating those changes and developments requires dedicated hubs and innovation centers, one of which opens its doors in Copenhagen today.

This collaboration, which is a joint effort between the Danish Bankers Association, Financial Services Union Denmark, and the City of Copenhagen, will serve as Scandinavia’s first coworking space dedicated to fintech. A special reception is organized for all-comers to officially kick off this new building’s fintech efforts.

Fintech efforts in Copenhagen received a healthy nudge in September of 2016, when Copenhagen Fintech was officially created. Additionally, the CFIR has been actively connecting startups with regulators, financial institutions, and policymakers in recent months. All of this goes to show that Denmark is very serious about becoming a fintech innovation hub.

Financial Services Union Denmark’s Vibeke Rittmann stated:

“With Thomas [Krogh Jensen], we are getting a visionary and dynamic CEO with the right competences and the drive that is needed to realise Copenhagen FinTech’s ambitions of establishing strong ties between entrepreneurs, the financial sector and the research world.”

It is positive to see so many countries and cities flocking to fintech over the past few years. It is evident that the financial ecosystem we know and hate needs to change. Consumers are demanding new experiences, different products, and more social engagement. It is now up to financial service providers to cater towards those users.

Whether or not this news will impact the usage of Bitcoin and cryptocurrency in Denmark, remains to be seen. No official statement was issued related to any fintech regulatory changes or additions. That being said, opening this fintech hub will help in creating new use cases for both cryptocurrency and blockchain technology.

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