Fintech and data in Greater Copenhagen
Denmark is one of the most digital economies in the world offering a well of data and providing international financial services companies with unique business opportunities.
Denmark ranks among the top most digital economies in the world, owing to excellent IT connectivity and one of the world’s highest levels of IT literacy and e-readiness.
The highly developed digital infrastructure in Denmark is a product of the close cooperation between the public authorities and business, providing international financial services companies with unique access to developing new fintech solutions and services.
Digitisation across public and private sectors
The public authorities in Denmark are forerunners in digitising communication and transactions with both citizens and business.
Denmark has some of the most accurate data in the world, and collecting and using data takes place in cooperation between the public and private sectors and is used for innovation and development in both sectors.
This well of data attracts companies from all over the globe to Greater Copenhagen.
Hitachi builds world’s first integrated city data exchange in Copenhagen
Hitachi is building an innovative big data platform for the City of Copenhagen. This citywide marketplace is the first in the world to integrate public and private data into a single solution, and it will enable business, academia and the public sector to come together and integrate multiple sources of information to meet the challenges of sustainability and quality of life.
Hitachi is building the world’s first integrated City Data Exchange in Copenhagen
With digitisation being a key component of public services and the functioning of society, the Danish Government emphasizes the need for constant improvements in cyber and information security.
With this strategy, the government aims to raise its cyber and information security effort through systematic application of the ISO27001 security standard, employing threat assessments and reinforcing ministries’ ICT security oversight. Also, since much public ICT has been outsourced, services provided by external suppliers must be subject to a strong oversight.
The Danish Government’s National Cyber and Information Security Strategy will be updated in 2016 for a new period, with the involvement of views and insights from interest groups, businesses and academia on how further efforts may most benefit society.
Tender for Denmark’s next generation digital signature
The Danish Agency of Digitisation (Digitaliseringsstyrelsen) is working on the next generation of national infrastructure for e-identity and public digital signature.
NemID is the official digital signature for public digital services. Around 4.4 million Danish citizens and 1.1 million companies use NemID, and more than 50 million transactions currently take place on a monthly basis.
The contract on NemID expires at the end of 2017
and a replacement must be developed. The tender for the next generation of NemID is an opportunity to rethink the solution to develop a secure, user-friendly and flexible solution which can be used for digital services such as digital identification and signature for citizens, businesses and public authorities.
Copenhagen's fintech sector is strong
Greater Copenhagen is home to one of Europe's largest ICT clusters with more than 12,000 IT companies and 100,000 IT employees. Finance and ICT total 5% of Denmark's employment with a high concentration in Copenhagen, where the financial/IT sector makes up 13% of private employment.
The fintech sector in Greater Copenhagen is particularly strong in areas such as IT security, process optimisation, investment software, usability and mobile banking technologies.
Services such as the MobilePay service for peer-to-peer transfers and mobile payments are very popular among the Danes.
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The cashless society is a priority area in Denmark, and the Danish government has proposed allowing certain retail outlets to stop dealing in paper money.