The Dutch government is planning to implement stricter rules for financial institutions' remuneration policies, including stricter rules on share benefits and bonuses. Representatives of the FinTech sector, which falls under 'financial institutions', are outraged by these new rules, saying that they will result in higher financial risks for the companies, unfair competition, and higher administrative costs, Financieele Dagblad reports.
Authorities tracked down Utrecht mass shooting suspect Gökmen T. using both financial technology and modern technology investigative techniques. The suspect is accused of killing three people and injuring five others after a carjacking in the city.
T. was found after an hours-long manhunt because he used a borrowed mobile phone to transfer money to a friend, reported both De Telegraaf and AD based on information from an anonymous source. The police were already monitoring T.'s financial activities by the time he was revealed as a main suspect in the case.
Amsterdam based fintech company Adyen set the price of its initial public offering at 240 euros per share. That gives the payment service provider a valuation of over 7 billion euros, ANP reports.
Adyen previously offered its shares to selected investors for an indicative price of between 220 euros and 240 euros each. The company is debuting on the Amsterdam stock exchange on Wednesday.
Amsterdam fintech company Adyen will debut on the Amsterdam stock exchange on June 13th under the symbol ADYEN. As of Tuesday, selected investors can already buy shares for a price between 220 and 240 euros. With that, Adyen is valued at between 6.5 billion and 7.1 billion euros. The issue price for normal investors will be announced on June 12th, RTL Nieuws reports.
Queen Maxima and Prime Minister Mark Rutte will head the Dutch delegation to the World Economic Forum in Davos, Switzerland. The theme for this 48th edition of the WEF, taking place from Tuesday to Thursday, is 'Creating a Shared Future in a Fractured World'.
Other cabinet members taking part in the forum are Minister Halbe Zijlstra of Foreign Affairs, Minister Sigrid Kaag of Foreign Trade and Development Cooperation, Minister Wopke Hoekstra of Finance, and Minister Bruno Bruins of Medical Care and Sport.
The Finance Ministers of France and Germany are calling for the world's top economic powers to debate Bitcoin and cryptocurrency regulation at the G20 summit in Argentina next year. The Netherlands does not form part of the G20 - the 20 largest economies in the world - but was invited to participate in the summit by host country Argentina.
Many banks and financial institutions moving to Europe after the Brexit, are shunning Amsterdam due to the Netherlands' cap on bonuses. While the rest of the European Union capped bonuses at 100 percent of the fixed salary, the Netherlands' cap is 20 percent of the fixed salary. The banks fear losing talent to the competition, being forced to pay irresponsibly high salaries to keep employees and do not feel welcome in the Netherlands, Financieele Dagblad reports after talking to a number of companies assisting banks in their move to the EU mainland.
The FinTech sector is on fire in the Netherlands, to such an extent that Amsterdam may well be on its way to becoming the "Silicon Valley" of FinTech companies, according to Don Ginsel, chairman of financial startups trade association Holland Fintech
Former minister Willem Vermeend was appointed the so-called liaison officer for the FinTech sector in the Netherlands. He will be the link between the FinTech sector, the government, industry and regulators and will work on solving problems for technology companies in the financial sector, the government announced.
Finance Minister Jeroen Dijsselbloem wants a liaison officer to provide leadership for the FinTech Sector, similar to the role Neelie Kroes is playing as startup-ambassador, he said in an interview at B.Amsterdam
ING bank bought a stake in the Chinese lending platform WeLab, the bank announced in Beijing on Tuesday. In China WeLab is active in the peer-to-peer lending platform wolaidai.com
Compared to the United States, Europe is always ahead in terms of adopting the latest payment and financial technologies. In 2014, The Guardian reported that America is ‘a decade behind Europe’ in terms of adopting the chip and pin cards that have reduced data theft, due to the former’s strict regulatory rules. Today, European countries, especially the Netherlands, are keen to adopt the latest fintech.
The Dutch student start-up, Sodwan has received an initial 2.1 million euro investment into their banking app that will allow instant bank transfer in the Netherlands. The company wants to offer a payment service that can transfer money directly and instantly to another account, 24 hours a day.