17 Sep Can this city be the next financial hub of Europe?
Could this capital rise to be the next financial hub of Europe, amongst other European cities?
With Brexit, many companies particularly within the FinTech space have considered pivoting their strategy for the European market – either by expanding into a new European city or moving their European headquarters out of London.
According to World Finance, an online global magazine on the financial industry, the Netherlands’ capital is gaining momentum for being the next new hub for finance in Europe.
Some factors that leaders cite for moving to Amsterdam is the regulatory environment for FinTech companies, the city’s reputation as a Tech market and people’s fluency in English.
It is only recently that FinTech has a sector is growing in Amsterdam, and is seen attractive for certain financial services like trading platforms and payment companies but not all of them.
Michiel Bakhuizen, a spokesperson for Netherlands Foreign Investment Agency, an organisation responsible for attracting foreign businesses to the country stated: Beating other European financial hubs in some markets has proved more challenging. “We knew that Amsterdam wouldn’t be the place to be for investment banks, because the Netherlands has a banking bonus cap,” Bakhuizen explains, referring to a law capping bonuses to a maximum of 20 percent of salary.
Based on a survey by New Financial think tank showed that out of 440 financial firms that have moved out of London post Brexit, 1 in 3 picked Dublin while most investment services opted for Paris and Frankfurt. 1 in 10 chose Amsterdam.
With finance entering a new era due to the rise of disrupting technologies such as the blockchain and AI, the talent space and business opportunities will continue to evolve.
It is key for fast-growing firms to remain ahead of the curve with a strong team of leaders to guide them forward.
At NAOS International, our senior consultants in Paris have been advising and hiring top talents for clients within the FinTech space. reach out to our team for guidance on your hiring strategy.
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