Thursday, October 27, 2016
Swedish Fintech Startup: Norwegian Banks Are Blocking Us
Via Business Insider: A fintech revolution is sweeping across Scandinavia. People are downloading apps to send money, pay without credit cards and to structure their finance management. Small, autonomous startups are hoping to disrupt a multi-billion dollar market traditionally dominated by a few large banks. Not everyone is taking kindly to this development. The Swedish fintech company Trustly, founded in 2008, is offering payments online without the use of a credit card. According to the Swedish news paper Dagens Industri Trustly has been partially blocked in Norway by some elements in the banking sector. Trustly's troubles in Norway started already in 2014, when they launched in the country. According to the CEO of Trustly, an important certficate for verification, Bank-id, was revoked for those who used Trustly. Today mobile users of Bank-id can use Trustly to pay. Desktop users however, cannot. Things have gotten so bad that Trustly has fielded a complaint with the Norwegian competition authority. Finance Norway, an organization representing the financial industry in Norway, says that Trustly's trouble with Bank-id stems from security issues. Trustly's CEO, however, denies the allegation, telling Dagens Industri that their view is that this is a question of competition.