The Nordic region will become a global fintech hub by 2020 but the UK will maintain its status as Europe’s primary fintech central despite the economic and political headwinds resulting from Brexit, according to a report commissioned by Mastercard.

The survey, entitled ‘Nordic Fintech Disruptors Report 2018’ and released at Money2020 in Amsterdam, reports that greater cooperation between regulators, banks and innovators is essential to the success of the Nordic region’s status as a leading fintech hub.

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While the Nordic and Baltic region accounts for over half of Europe’s fintech unicorns by value, the research shows the biggest challenges for fintechs are the direct or indirect result of limited regulatory coordination on fintech. 37% of respondents of the research survey cited regulation directly, 67% find it difficult to achieve scale, and 33% find access to funding remains a challenge. Increased competition from incumbents jumped 19 percent in the recent research from 2017.

Mats Taraldsson, Head of Digital Business Development and Fintech Partnerships, Mastercard Nordics and Baltics said:

“Innovation by collaboration is at the heart of Mastercard and working together with start-ups and fintechs is essential to meet the future needs of consumers, merchants and governments.

“We have been committed to fintechs for many years, fostering partnerships with pioneers who have grown into global brands. One Nordic example is iZettle where we helped them in the early phase setting up their business, acting as an advisor.

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“We now continue this commitment locally in the just recently launched Nordic and Baltic fintech program called Lighthouse Development Program in partnership with NFT Ventures”

Susanne Hannestad, Chief Executive of Fintech Mundi, co-author of the research, added:

“The Nordic and Baltic markets already have an incredible track record of building fintech companies having created regional successes that have gone on to become global winners, like Spotify and Zwipe.

“A more joined-up approach to fintech, and the factors that influence successful innovation between the markets governments and regulators, however would create new opportunities for growth and productivity and ensure the region is the best place in Europe to build the next generation of fintech giants.”