Types of Fintech Activities in Norway
Types of Fintech Activities in NorwayUpdated on Monday 20th March 2023
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Although it started as a small economic sector, the fintech industry in Norway developed at a rapid pace, as the country became one of the most developed jurisdictions at a European level on this matter (for example, it is important to know that almost 100% of the Norwegian citizens use smartphones, considering that the country has a top digital infrastructure). Our team of lawyers in Norway can assist foreign businessmen with advice on the procedure of starting a fintech business in this country.
What are the main fintech activities in Norway?
Norway is a very developed market, and the fintech activities have diversified in the last decade, considering that it is represented of hundreds of companies that provide a wide range of services and products. However, the main activities developed in the fintech industry are represented by the following:
- • payments and personal financial management, alongside the investment management sector;
- • robo-advisors, which are used for suggesting financial solutions, measuring results and establish strategies;
- • blockchain technologies, which increased as a direct consequence of the rise of the cryptocurrency sector;
- • banking, cross-border payments, insurance activities, cybersecurity, fraud detection and alternative lending activities (peer to peer lending, crowdfunding).
You may or may not need a work permit, depending on where you are from and even how long you plan to work there. If you are coming from the EU/EEA or one of the Nordic countries, you do not require a work permit to work in Norway. You will require a residency permit for Norway for foreign visitors so that you can.
Does a fintech company need a license in Norway?
Considering that the fintech companies operate in the financial sector, most of the businesses will need a license to operate on the local market. Depending on the specific activities that will be concluded by the Norwegian company, it can be necessary to obtain a license from the Norwegian Financial Supervisory Authority (FSA). Our team of lawyers in Norway can assist with advice on the requirements that have to be met when applying for a license.
The license has to be obtained by companies that are registered in Norway as banks and credit or financing institutions. The same regulation is available for insurance companies, for institutions that operate as payment service providers and for those involved in electronic money activities. Businessmen are invited to contact our law firm in Norway for more details on the regulations available for fintech companies.