The report supports the Norwegian initiative

The potential for the creation of value and exports linked to the development of new financial technology is huge in Norway, concludes Menon Business Economics in a report published in 2017. 
 

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The report highlights the fact that the Norwegian financial sector has broad experience as a buyer and developer of digital solutions. Norway also has a financial system that is among the best in the world, and we are among the most digitised and technologically advanced countries in the world.

The European Commission performs an annual measurement of how digitised countries in Europe are and prepares the Digital Economy and Society Index (DESI). The index is based on 31 objective indicators divided into five categories.

In the most recent of these surveys, Norway was ranked as the second most digital country in Europe, right behind the Denmark. Norway scored high in each of the five subcategories:

  • Network connectivity (#4)
  • Digital skills (#6)
  • Use of Internet by citizens (#1)
  • Integration of digital technology by businesses (#5)
  • Digital public services (#4)


The Menon Report is based on a review of a number of sources, and, in addition to the DESI Report, PWC’s Global Fintech Report for 2017 and the Fintech Disruptors Report, 2017 (Nordic Edition) and the World Economic Forum’s Global Competitiveness Report are among the references.

 

Summary

  • The potential for the creation of value and exports linked to the development of new financial technology (fintech) is huge
  • The Norwegian financial sector has broad experience as a buyer and developer of digital solutions
  • The Norwegian authorities are developing a regulatory sandbox to stimulate more fintech
  • Norway is particularly well-equipped to develop strong fintech environments that can exploit this potential
    – Our financial system is among the best in the world
    – We are among the most digitised and technologically advanced countries in the world
  • Bergen is well placed to form its own fintech cluster with strong finance, technology and research environments. Finance Innovation was established at about the same time as the Menon Report was published in 2017.

 

 

 

Did you know?

Billion euro industry
The consulting firm Deloitte expects that robot advisers will handle assets of EUR 3,000 billion already by 2020, and that this will increase fivefold by 2025, while BI Intelligence’s estimates are much higher.