Taking a Closer Look at Norway's FinTech Landscape: Startups, Investors and State-Wide Supportive Initiatives

Scandinavian countries are known to be some of the most prosperous and developed ones in the world. The financial services industry in the region is no exclusion as some of the most innovative and promising companies that have expanded internationally despite obstacles come from the region. Not so long ago, we reviewed 50 Scandinavian companies powering region’s leadership in global innovation, and now, let's take a closer look at Norway – a highly developed nation which is ranked sixth in the list of countries with the most business-friendly regulatory environment. The county’s FinTech ecosystem has an advantage – it is developing in a supportive environment, where transparent regulations and overall level of technology adoption allow prosperous opportunities.

As emphasized by the Oslo Business Region, Norway is an egalitarian society with flat hierarchies and power structures that do not keep management and employees estranged. Norwegians often work across hierarchies rather than imposing boundaries. The leadership style is informal and is based on employee freedom with responsibility. Norway also has transparent business and governmental processes.

IKT-Norge is one of the networks strongly supporting entrepreneurial talent. The organization represents the full range of the spectrum from the major players down to small entrepreneurial companies. It offers the most extensive network of the industry. IKT-Norge works every day to enlarge the market and remove obstacles to its members; increase value for the industry; help with internationalization and capitalization; help reduce risk exposure for its members. It also offers R&D cooperation, and access to capital and consortiums.

Among Norwegian advantages, professionals