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Defections weaken Dutch banks' fintech defence

It's now every bank for itself as the next generation of payments technologies eye new opportunities

Published Wed, Jan 31, 2018 · 09:50 PM
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Amsterdam

A NEW common mobile payments system for Dutch banks has been hobbled by the decision of two big lenders to focus elsewhere, highlighting the challenges that major lenders face in fending off financial technology rivals.

ABN Amro announced that it was pulling out of the system, Payconiq, on the day of its launch last week. This week, Payconiq's founder ING said that it had paid 270 million euros (S$440 million) for a controlling stake in a fintech payments company operating in an overlapping space.

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