This week in fintech

By Hauken from Stacc

A weekly summary of the latest news in our world of finance, design, and technology.

A weekly summary of the latest news in our world of finance, design, and technology.

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Is a super app actually super?

We’ve previously written about the rise of the super app. Or at least the ambition of super apps based on the popularity of these apps in Asia, where Alipay, WeChat, and Paytm have combined everything from payments to food delivery and travel booking. There h…


Twitter's potential as a Fintech app

I haven’t written a lot about the whole Elon buying Twitter debacle, mainly because there wasn’t a Fintech angle. But Bent Gjendem, CEO of Finance Innovation, made me aware that this is a possibility:Elon Musk insists the deal is part of a master plan to laun…


What is Holding Back Disruption in the Norwegian Fintech Market?

Last week I held a presentation about the Norwegian Fintech landscape and trends at Norges Bank and Simulas CBDC event. After my talk, Torbjørn Hægeland, Executive Director for Financial Stability at Norges Bank, came up to me and said that he noticed there w…


The value of showing your product

Ten years ago, you could go into and test their online banking solution. But this is a feature that I haven’t seen anywhere else in the banking field since.SaaS companies now realize how powerful it can be to allow website visitors to play with thei…


Creating fintech-products that stick

Greg Eisenberg, CEO of Late Checkout, has written a great blog post on a framework for building products that stick: The single-player vs. multiplayer framework.Single-playerA single-player product is a product that you get value by yourself, and you don't ne…


Tighten lending regulations or not?

The Financial Authorities of Norway want to tighten the lending regulations. More specifically, they want to change:The maximum limit for the borrower's total debt when granting new loans from 5 to 4.5 times gross annual income.Extend the regulation to includ…


Indistinguishable from Magic

Vipps has their target on advertisements hitting your mailbox. They challenge advertisers to use scan & Vipps, their QR-code payment solution, directly in the leaflets overflowing your mailbox. It sure makes the buying process more accessible, but maybe V…


Norway's first stablecoin backed by real estate?

Horde will help homeowners pay off debt faster and free up liquidity by becoming co-owners of homes and using their own cryptocurrency, Bustad coin, to secure the transaction. That is a mouthful.Let us dissect this: Say you are a homeowner with high-interest …


Digitisation of society - a public health problem?

DNB is getting 50 000 NOK in fines every day because they have breached the Money Laundering Act by not obtaining identification from many customers. We don't hear much about this when we weekly write about digital advances, but collecting identification from…


🙌 In praise of the Norwegian infrastructure

This week, Tom Staavi – Information director in Finance Norway, wrote that the financial industry and the Norwegian authorities receive far too little praise for the digitization that has taken place in Norway over the years. It is a good reminder of all the …


Rent to own?

In May, we wrote about "the Mortgage dilemma" and that currently, many are excluded from the housing markets (especially in the cities). Many exciting companies are trying to solve this problem in different ways: Adress, Finite, Coowner, OBOS part ownership +…


Is ESG-ratings broken?

The Economist claims that the environmental, social, and governance (ESG) approach to investment is broken. The term ESG dates as far back as 2004. The idea is that investors should evaluate firms based not just on their commercial performance but also their …


Prohibition of return commisions?

We've previously written about how hard it is to compare the different fund prices in Norway:One of the changes MiFID II has brought is more transparent pricing of how much the platforms get in kickbacks from the funds. Transparent pricing should be good news…


✋ No more benefits on your credit cards!

The Ministry of Justice and Public Security in Norway has just submitted a proposal to ban the offer of additional benefits for credit cards. The thought is that a stricter regulation in this field will make fewer people take up credit, and it is unfortunate …


Layoffs all around

We wrote about Klarna firing ~ 700 employees (1% of the company) a few weeks ago. This week the layoffs expanded over the whole Fintech scene, and especially fires 260 people (5%) LinkBlockFi is laying off 170 people (20%) LinkThe Payment st…


Apple Pay - but later

Following the financial crisis, increasingly stringent capital requirements have been introduced for banks. The Norwegian authorities have taken stricter action than in most other countries:The largest Norwegian and foreign banks, so-called IRB banks, can use…


EU forces Apple

In early May, the EU's competition department concluded that Apple had abused its market position by refusing other mobile wallets to access the NFC chip for the iPhone. Even Westerveld, leader of People and Brand in Vipps, is pleased and thinks that Apple's …


A tough week for Lunar and Klarna

The Financial Supervisory Authority of Norway has stopped Lunar Banks' acquisition of Instabank that we wrote about in April. The reason is Lunar's financial position and the bank's access to «financial resources.»Lunar now plans to raise more money. Lunar is…


Status and trends for Norwegian Fintechs

The Finance Sector Union of Norway has, together with Ontogeny Group, launched this year's report on the status of the Norwegian fintech market. Some of the key findings include:The number of companies is growing, but few of the companies are growing largeMaj…


A credit check solution where ID-theft is impossible?

Last week someone hacked into Norkart, which provides IT systems for map and property information in Norway. Personal data for more than 60 percent of Norway's population may be leaked, causing an increased risk of ID theft.Norkart recommends the 3.3 million …