It was a full house as investors, bankers, and fintech startups gathered to discuss the challenges and opportunities of the newly implemented PSD2 regulations at the first Oslo Startup Day of 2018.
The PSD2 regulations took effect January 13th and requires financial institutions to provide access to account and payment information through open APIs. Nothing much happened on the day of the PSD2 directive introduction itself – but a big wave of changes are coming.
With almost 400 sign-ups for an event concerning a financial directive, it shows that the industry sees PSD2 as a huge opportunity. The room was buzzing as we heard status reports from Nordea, DNB, Danske Bank, Sparebank1, Eika, and S’banken. All participating banks agreed – collaboration, with startups and other corporates, is the only way to survive under these new directives.
The event also nvited fintech companies NETS and Encap Security to share how the PSD2 directives have created opportunities for startups to develop new services.
We also heard a talk from Finanstilsynet, which uncovered that although they are working on providing guidelines concerning the new directives, the Norwegian regulatory bodies lack the resources to follow up PSD2 proactively.
This event was hosted by Oslo Fintech Hub, in collaboration with IKT Norge, TheFactory, and Oslo Business Region.
Take a look at the keynotes below: