NETHERLANDS Trends and Developments Contributed by: Juliet de Graaf and Johannes de Jong, Osborne Clarke N.V.
banks are the only financial institutions that are allowed to provide all ten crypto-asset services when MiCAR becomes applicable at the end of 2024 following a straightforward notification pro - cedure. To date, it remains to be seen to what extent Dutch-licensed banks will step into the crypto-asset services market themselves and to what extent other EU banks will be provid - ing crypto-asset services on the basis of an EU- wide passport. Fintech and Embedded Banking Trends The Dutch fintech market witnessed significant growth in 2024, with a surge in electronic money institutions securing DNB licenses (now total - ling 15 Dutch license holders) and a full-scope fintech bank, ClearBank, obtaining a banking license in the Netherlands. These companies are predominantly young and known for their high level of financial activity and international presence.
The products offered by these fintechs typically include a form of embedded payments or even full-suite embedded banking services, often developed in the UK market. These business models are geared towards cross-border ser - vices out of the Netherlands and thus have to be transposed to the Dutch market, DNB super - vision standards, and ultimately the rest of the EU. However, Dutch players, including Dutch- licensed banks like Rabobank, ABN AMRO Clearing Bank, and global acquirer Adyen, have also expanded their services further, with spe - cific embedded banking or banking-as-a-service offerings in 2023-2024. This trend is expected to continue in 2025 and will likely result in further record-breaking partnerships between Dutch- licensed banks, service providers, and custom - ers in the Netherlands in the coming years.
427 CHAMBERS.COM
Powered by FlippingBook