Strong national collaboration
Financial technology is to become a new Norwegian export industry through strong national collaboration. Close to 50 companies are behind the Finance Innovation initiative.?
“It is important to think internationally already from the first step,” says General Manager Atle Sivertsen of Finance Innovation.
“We have a unique opportunity to combine the expertise that exists in Norway in finance, technology and academia to successfully create innovative solutions. In my experience, Norway is so far ahead in innovation that there is a huge potential for export,” says CEO Atle Sivertsen of Finance Innovation.
“Our task is twofold: to work with the commercialisation of solutions and to create interesting workplaces in Norway,” says Sivertsen.
Accelerating our efforts
In October, Finance Innovation became a member Innovation Clusters, a Norwegian cluster programme for collaboration between Innovation Norway, the Research Council of Norway and the Industrial Development Corporation of Norway (SIVA). Close to 50 companies in finance, technology and academia are behind Finance Innovation, and more companies are showing interest. All participating companies contribute capital to finance the initiative, and these funds are in addition to support from the cluster programme.
Finance Innovation has already initiated several work flows with specific measures, and it is also in the process of establishing cooperation with other national and international companies. An incubator and accelerator programme is being planned. A master’s degree programme in fintech is being established in cooperation with the Norwegian School of Economics (NHH). In addition, several activities have been initiated to connect relevant companies.
Innovation in practice
The most important goal of this initiative is to facilitate the creation of new products and services by and through cooperation between the member organisations. Major companies can strengthen the framework for restructuring. Small and medium-sized enterprises will be able to develop products in close cooperation with demanding partners and customers, and startups and entrepreneurs will gain access to expertise and a valuable network.
“By stimulating customer-centric innovation across the enterprises, we will make financial services simple and accessible. It is important to think internationally from the outset. Solutions that are successful nationally will be good candidates for export, both to Europe and to the rest of the world,” says Sivertsen.
Regional dynamics and Nordic collaboration
Finance Innovation has been established as a collaborative effort rooted in strong stakeholders in the Bergen region. Sivertsen says that it is important to look beyond Bergen and Western Norway. Collaboration with other clusters and organisations in Norway and the Nordic Region is required for success.
“There is a high level of expertise and powerful companies in many environments in different cities in Norway, but we must not just concentrate on our own projects. Collaboration is of decisive importance in order to succeed with our international ambitions for the export of Norwegian fintech,” says Sivertsen.
Fakta / Finance Innovation
- National financial technology initiative that has become a member of the Norwegian Innovation Clusters programme.
- Will work to ensure that Norwegian financial technology can become a new industry in an international market.
- Innovation, expertise and internationalisation are the three pillars of this initiative.
- Close to 50 companies are behind this initiative so far.
- Head office is located in Bergen.