Maijoor: Fintech needs regulators, DNB cuts licensing time in half
Steven Maijoor of De Nederlandsche Bank emphasized the aligned interests of fintech and regulators for a dynamic financial system. DNB has cut its licensing timeline in half, responding to industry feedback.
From survival to partnership
Steven Maijoor, Executive Board Member of De Nederlandsche Bank (DNB), highlighted the evolution from a 'survival' mindset to a partnership between fintech and regulators.
He stressed that while roles differ, interests align: a safe, sound financial system requires dynamism and innovation.
DNB has taken industry feedback to heart, accelerating its licensing process by introducing fixed internal review cycles and predefined response times.
Compared to 2025, the licensing timeline has been halved, partly by leveraging AI for document analysis and completeness checks.
Furthermore, DNB reduced information requests by reusing existing data, especially for license extensions, and limited iterative rounds to a maximum of three for well-prepared applications.
Innovation meets digital dependence
Beyond streamlining licensing, DNB reinforced its InnovationHub for supervisory questions and established an Innovation Table to identify and resolve regulatory obstacles.
The central bank is also ready to apply its refined supervisory approach to emerging European AI developments, focusing on safety, transparency, and resilience in line with the European AI Act.
However, Maijoor highlighted a critical vulnerability: the European financial sector's heavy dependence on third-party IT service providers, particularly cloud services dominated by a few large companies.
This concentration creates geopolitical and concentration risks, making financial institutions vulnerable despite efficiency gains.
Fintech as resilience catalyst
Fintechs possess a unique opportunity to enhance the financial sector's resilience against digital dependence.
Their tech-savviness and lack of legacy systems allow for quicker switching of cloud providers and building alternative solutions.
By fostering flexibility, fintechs can not only strengthen their own digital resilience but also improve the business case for others, contributing to a more robust financial ecosystem.