BELGIUM Trends and Developments Contributed by: Tom Van Dyck and Louise Verstraete, Liedekerke Wolters Waelbroeck Kirkpatrick
Conclusion Belgium’s fintech ecosystem continues to mature, shaped by proactive regulatory bod - ies and a vibrant community of innovators. The FSMA and NBB each play critical roles in nurturing the market’s growth while ensuring stability, consumer protection and robust AML standards. As digital assets, payment innova - tion and regtech solutions grow in prominence, Belgium offers fertile ground for experimentation and expansion. Forward-looking collaborations between established financial institutions and agile fintech start-ups are likely to intensify, driv - ing product development and market competi - tion. Meanwhile, ongoing reforms in AML, digital operational resilience and consumer protection set the stage for a responsible, stable fintech environment. In 2024 and 2025, businesses operating or considering entry into Belgium’s fintech market should maintain close contact with local regulators, monitor legislative devel - opments and adopt robust governance and compliance practices.
• KBC’s Kate Coin: Launched initially in 2022, KBC’s digital coin is used within the KBC ecosystem to reward clients for specific activities and enable frictionless transactions. The pilot’s success has led to further explora - tion of token-based payments in 2024–25. • BNP Paribas Fortis and Belfius: Both of these institutions have introduced sophisticated open-banking application programming inter - faces (APIs), forging partnerships with local fintechs to deliver enhanced budgeting tools, micro-investment solutions and instant lend - ing platforms. Other Key Fintech Developments Growing interest in buy now, pay later The “buy now, pay later” (BNPL) model has cap - tured consumer interest globally, and Belgium is no exception. Several international BNPL pro - viders have entered the Belgian market, part - nering with local e-commerce sites. However, the strict Belgian regime on consumer credit remains an obstacle to the feasibility of many of these businesses. Sustainability and environmental, social and governance considerations in fintech Sustainability is an emerging priority for both regulators and market players. Belgian fintechs are exploring ways to integrate environmental, social and governance (ESG) considerations into their products and services. The NBB echoes the stance of the European Central Bank (ECB) that climate and sustainability risks must be inte - grated into risk management frameworks.
78
CHAMBERS.COM
Powered by FlippingBook