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A Comparison Guide to the Fintech Landscapes of Belgium, Spain & Japan

Boaz Gam

Boaz Gam


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8 min
Article content
  1. An Overview of Japan’s Modern Fintech Landscape
  2. The Current Agenda of Spanish Fintech Explained
  3. A Peek at the Current State of Belgium’s Fintech Ecosystem
  4. What Does the Fintech Future of Spain, Japan, and Belgium Look Like?
  5. What Unites These 3 Fintech Ecosystems?

Exploring Fintech Landscapes of Belgium, Spain, and Japan

We live in a time when the fintech sphere is evolving at an unprecedented pace, powered by technological progress and growing interoperability between businesses, financial institutions, and digital platforms. In this ever-changing environment, countries like Belgium, Spain, and Japan have emerged as key players, each with its own distinctive fintech landscape and approach to innovation.

The goal of this comprehensive guide is to examine the unique characteristics, market trends, and notable players in each of these countries to better understand their payment ecosystems, shed light on the factors that have contributed to their success, and determine their future prospects. Read ahead not to miss out on all the valuable insights!

An Overview of Japan’s Modern Fintech Landscape

Exploring Fintech Landscapes of Belgium, Spain, and Japan

Similar to many other countries worldwide, Japan has seen a significant digital transformation in the financial sphere, driven by the COVID-19 pandemic. Yet, while this shift has resulted in significant progress in the adoption of digital IDs and cashless solutions, Japan still has a long way to go due to its initial low level of digitalization.

The financial industry in Japan is primarily led by mega-banks, such as Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group, which have a strong presence and wield considerable influence in the sector. Due to this, Japan’s fintech sector is a highly regulated and conservative environment, which offers some unique challenges and opportunities.

As a result, the government in Japan has taken a cautious approach to regulating the financial industry, drawing lessons from past experiences. Instead of imposing strict top-down instructions on the banks, the authorities have adopted a more hands-off tactic.

While this strategy is aimed at encouraging market competition, fostering innovation, and allowing FIs to operate with a certain level of autonomy, it also means that initiatives like open banking are not mandatory for banks, which often impends their implementation and progress.

At the subsector level, the Japanese government is increasingly focusing on digital assets and Web3 domains. Additionally, there are ongoing discussions regarding the improvement of the cross-border payment infrastructure in response to such regional initiatives as the UPI-PayNow integration.

Overall, despite various geopolitical challenges, the fintech industry in Japan is demonstrating a strong focus on cooperation and interconnectivity by steadily strengthening its regional and international connections.

The Current Agenda of Spanish Fintech Explained

Exploring Fintech Landscapes of Belgium, Spain, and Japan

The fintech sector, both in Spain and worldwide, is actively embracing the AI and ML trend in an effort to automate and personalize operations. These technologies rely on big data analytics and blockchain as fundamental components, which help ensure the solutions’ scalability and effectiveness in the modern payment space.

The main challenge for the Spanish fintech sector lies in adopting and seamlessly integrating these technologies. This can be achieved through internal development projects or strategic collaborations with external partners who offer more agile, optimized, and cost-effective access to AI and ML developments.

As a result, the significance of open innovation departments within fintech corporations is growing. Although not directly generating profits, they facilitate the integration of technologies into the main business units, enabling the realization of short- to medium-term benefits. This tendency is closely followed by a rising interest in collaboration with startups with expertise in financial processes.

It is also worth noting that Spain’s focus on AI and advanced data management extends not only to payment solutions but also to the banking sector. Moreover, there is a notable advent in the establishment of prominent companies specializing in biometrics and cybersecurity, both of which have a significant influence on the fintech industry.

A Peek at the Current State of Belgium’s Fintech Ecosystem

Exploring Fintech Landscapes of Belgium, Spain, and Japan

Similar to Japan, Belgium has experienced a substantial surge in financial digitalization accelerated by the COVID-19 pandemic, particularly within the payment sector.

Nowadays, Belgium boasts a thriving fintech ecosystem with nearly 180 locally based fintech companies. Due to the fact that Brussels is considered the capital of the EU, the nature of these fintechs is deeply rooted in the country’s DNA, as demonstrated by prominent names like Euroclear and SWIFT.

In fact, payment, infrastructure, and regtech-related initiatives comprise over 60% of the local market. Additionally, Belgians’ tendency for saving translates into a significant presence of financing and investment solutions, accounting for approximately 25% of the ecosystem. Besides, there are notable actors operating in smaller categories like insurtech, blockchain, and neobanks.

Another significant development in Belium’s fintech sector is the widespread adoption of digital government and healthcare services, facilitated by the popular StrongAuthentication mobile application called ItsMe®. The app is now utilized by over 80% of the adult population in the country, enabling access to tax and municipal services, medical files, and payment transactions.

All in all, one of the most thrilling aspects of this ongoing transformation in Belgium is the proliferation of finance across various sectors and the resulting changes in the service environment. The shared economy, sustainability efforts, regulatory and technological advancements, and a consumer-centric approach all shape a landscape filled with great opportunities.

What Does the Fintech Future of Spain, Japan, and Belgium Look Like?

Now that you know the key trends and developments in Belgium, Spain, and Japan, let’s take a look at how each of the countries is expected to continue its endeavors in the fintech sphere.


Exploring Fintech Landscapes of Belgium, Spain, and Japan

While Belgium’s fintech landscape is relatively small compared to some other European countries, it has been showing impressive growth over the past years. The country has a strong financial services industry and a supportive regulatory framework, both of which will be beneficial to further fintech development.

One event that is expected to be pivotal in the local fintech sphere in the foreseeable future is the ban of combustion engines from entering Brussels city, expected to be in full effect by 2035. This decision is forecast to result in the emergence of shared charging stations and convenient payment solutions integrated into the city’s infrastructure in unconventional ways.

With that said, Belgium’s fintech sector is still in its early stages, and the pace of its further evolution highly depends on factors like regulatory developments, access to funding, and market demand.


Exploring Fintech Landscapes of Belgium, Spain, and Japan

Japan has traditionally been known for its conservative financial sector, but in recent years, there has been a growing interest in fintech.

For instance, the government has taken steps to promote financial innovation, including the establishment of regulatory sandboxes, the introduction of new legislation to facilitate open banking and digital payments, and the launch of a pilot Digital Yen project in 2023.

Besides, fintech startups in Japan have been focusing on a wide range of areas, from mobile payments and robo-advisory services to blockchain and regtech.

These factors are undoubtedly going to be some of the key driving forces in the future evolution of Japanese fintech. Besides, given the country’s large population and technologically advanced society, it has the potential to become one of the largest financial innovation hubs in the future.

However, cultural factors and the influence of traditional FIs may still present challenges to the widespread adoption of innovative solutions in this sector.


Exploring Fintech Landscapes of Belgium, Spain, and Japan

Spain has been experiencing significant growth in its fintech sector, and it is safe to say that this trend is likely to continue in the future. The country has a supportive regulatory environment and a well-developed financial infrastructure, which creates favorable conditions for cooperation and innovation among relevant stakeholders.

One initiative that is forecast to have a critical impact on the Spanish fintech sector, fostering its growth, innovation, and overall digital transformation, is the Digital Spain 2025 project. This national strategy, driven by the Spanish government, aims to accelerate the country’s digitalization across various sectors, including finance.

One key aspect of this initiative is the promotion of digital skills and talent development with the goal of cultivating a skilled workforce capable of driving innovation within the fintech sector. This focus on human capital development will provide a solid foundation for the growth and sustainability of Spanish fintech companies for years to come.

As a result, Spain’s fintech ecosystem is likely to see further expansion and diversification, driven by investment, active collaboration between traditional financial institutions and startups, and the introduction of new technologies.

What Unites These 3 Fintech Ecosystems?

Exploring Fintech Landscapes of Belgium, Spain, and Japan

It might seem that the fintech landscapes of Belgium, Japan, and Spain exhibit plenty of differences and have diametrically opposed development trajectories. While their strategies reflect the unique characteristics and priorities of each country, they also share a lot of similarities, such as:

  • Regulatory efforts. All three countries in question have established robust regulatory frameworks to govern fintech activities, recognizing the importance of fostering innovation in the sector while ensuring consumer protection and maintaining the integrity of the financial system.
  • Fintech hubs. Each of the three countries has cities that serve as centers for innovation, collaboration, and networking. For instance, in Belgium, Brussels is the biggest fintech hub. In Japan, Tokyo and Osaka gain the most traction in this sphere, while Barcelona and Madrid are prominent fintech hubs in Spain.
  • Digital payments. Fintech has played a significant role in promoting digital payment solutions in all three countries. As a result, mobile payment platforms, contactless transactions, and digital wallets have gained widespread popularity, providing convenient and secure alternatives to traditional payment methods.
  • Open banking initiatives. Belgium, Japan, and Spain have embraced open banking solutions to varying degrees, enabling the development of innovative financial products and services.
  • Peer-to-peer lending. P2P lending platforms have emerged as popular alternatives to traditional banking services in all three countries in recent years. They connect borrowers directly with lenders, providing easier access to financing for individuals and small businesses.
  • Digital currencies. The adoption and exploration of blockchain technology and digital currencies have been increasing in the fintech landscapes of Belgium, Japan, and Spain over the past few years.
  • Collaboration. Banks and other financial institutions in Belgium, Japan, and Spain are becoming increasingly active in partnering with fintech startups to enhance their services and remain competitive.

As you can see, while each of the three countries covered in this overview has its own fintech agenda, all of them share a striving toward innovation, digitalization, and collaboration in their ecosystems.

By sticking to these priorities, Belgium, Japan, and Spain alike are contributing to building resilient and future-ready ecosystems that will help them harness the potential of emerging technologies and stay at the forefront in the financial services sphere.

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