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?
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
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