Bird & Bird has specialist fintech expertise, handling transactional, regulatory, and commercial issues for financial services institutions, payment providers, and a range of tech companies launching new products in the market. In particular, the firm advises on e-commerce and e-banking, mobile payments, and crowdfunding issues, alongside innovative blockchain and API issues. The team is led by Scott McInnes, a specialist in payment services work, including electronic payments and card schemes, while Paul Hermant is also a key name for regulatory work, and senior associate Julien Sad has strength in cross-border payments sector work, including anti-money-laundering considerations.
Fintech in Belgium
Bird & Bird
Practice head(s):
Scott McInnes
Other key lawyers:
Paul Hermant; Julien Sad; Gavin Punia, Trystan Tether
Testimonials
‘Their understanding of and deep experience with the Fintech sector sets them apart from other firms.’
‘Scott McInnes and Trystan Tether – for their pragmatism and willingness to go the extra mile, in terms of thinking about how regulation/law should apply to innovative business models.’
‘Expertise, customer focus, direct and clear advice on complex regulatory topics, good customer relationship management.’
‘Very good knowledge of applicable legal framework and ability to communicate legal requirements in a clear and practical way. Scott McInnes and Gavin Punia are points of reference for regulatory compliance advice.’
Key clients
Booking.com
Bunq
Paysafe
Digital River
Riskified
Mirakl
Syspay
Work highlights
- Advising leading online travel agent Booking.com on regulatory questions and commercial agreements related to payments between hotels and travellers who book on its websites.
DLA Piper
DLA Piper has specialist expertise at the intersection of financial products and regulatory issues, with practice head Pierre Berger combining strong capabilities in regulatory advice to traditional banks and financial services providers, as well as working with growth funds, crypto providers, and other emerging market players, on payments systems, open banking, and new products, including development and licensing, product launch in Belgium, and compliance with EU banking regulations. Michaël Heene advises on fintech sector M&A and regulatory issues relating to fintech transactions.
Practice head(s):
Pierre Berger
Other key lawyers:
Michael Heene; Marie Goossens
Testimonials
‘The integrated practice and know-how of the team is what makes it unique. They are able to advise you on regulatory, commercial, corporate and other legal issues, in a very efficient and cost effective way.’
‘Pierre Berger has a profound understanding of what FinTechs’ business is about and how he can help them grow, taking into account legal requirements but never losing sight of the business rationale. Marie Goossens’ responsiveness and dedication to clients is what makes her an ideal relationship lawyer.’
Key clients
ABN AMRO Bank NV
AG Insurance NV (Ageas NV)
Aion NV
Alan SA
Alpha Card CBA
Amonis OFP (& Amonis BV & Amonis NV)
Argenta Bank- en Verzekeringsgroep NV (& Argenta Spaarbank NV)
Avida Finance AB
Axa Bank Belgium NV
Bancontact Payconiq Company NV
Bank Degroof Petercam Asset Management NV
Banxa Holdings Inc.
Belfius Bank NV
Bitstamp Ltd
Blox BV
BNP Paribas Fortis NV
Bpost NV/SA (& Bpost Bank NV & RIA Payment Institution EP S.A.U.)
Credix BV
Delen Private Bank NV
Doccle BV
The Fortegra Group LLC
iBanFirst SA
ING België NV
Insignia Global Solutions Limited
International Swaps and Derivatives Association Inc.
KBC Group NV
Keyrock SA
Kuwait Petroleum (Belgium) NV
Lightyear Europe SA
Loomis Belgium NV
Lukoil Belgium NV
MeDirect Bank NV
MGF (EU) Limited NV
Minna Technologies AB
Qred Företagslån AB
Tioga Capital Partners sLP (& D2X Group NV)
UnifiedPost NV
Vadis Technologies NV
Work highlights
- Assisting KBC Group, in further commercialising an AI-driven tool to enhance and automate compliance with AML requirements via a spin-out legal entity (Discai), both in Belgium and other selected EU and non-EU countries, where the group already has traditional banking activities, and consecutively possibly in the US.
- Advising Tioga Capital Partners (a venture capital fund focused on blockchain technology) on the regulatory, corporate and tax law issues relating to the incorporation and commercialisation of its second private equity crypto “growth fund”.
- Assisting Minna Technologies AB, a fast-growing European technology scale-up based in Sweden, in relation to the setting up of a subscription management platform, to be integrated in retail banks’ applications.
Simont Braun
Simont Braun advises banks, financial institutions, and payment services companies, including a number of international providers in Europe and Asia seeking to enter the Belgian market, on the launch of new products, regulatory considerations, and license applications. The firm has seen an uptick in cryptocurrency work, including wallet and exchange issues. The team is led by Philippe De Prez, who is an expert in international digital finance work, including foreign fintech regimes, alongside Joan Carette, who advises fintech companies, challenger banks, and payment institutions on financial regulatory, data, and IT issues. Counsel Thomas Derval handles regulatory issues for fintech and financial services clients, as well as related litigation.
Practice head(s):
Philippe De Prez; Joan Carette
Other key lawyers:
Thomas Derval
Testimonials
‘Philippe could always understand our business model and intent.’
‘The team render focused and thorough analysis in high speed and with a very deep knowledge of the law and industry. Highly recommended!’
‘Philippe de Prez and Joan Carette are deeply knowledgeable about the Fintech industry but also about regulatory law and the nuances of regulatory administrative practice. They are very quick and concise in their advice. We love working with them.’
Key clients
Buy Way Personal Finance
Belgian Mobile ID
Viva Wallet
Wise
Socios
Atlantic Money
Work highlights
- Assisting BWPF in relation to financial services regulations and international private law matters.
- Assisted Atlantic Money in the entire licence application process to become authorised and regulated as a payment institution by the Belgian financial regulator, the National Bank of Belgium.
- Advised Belgian Mobile ID on its landmark and innovative mobile identification project, which allows users of the itsme mobile app to register as new clients with commercial entities in Belgium and abroad.
Allen & Overy LLP
Allen & Overy LLP stands out for its combination of international financial regulatory and banking expertise, acting for start-up and established fintech platforms, as well as major financial institutions and tech companies seeking to launch payment services products. The team is able to handle the full range of issues across the product development lifecycle, as well as transactional and multi-jurisdictional operational issues. Filip Van Elsen and Sylvia Kierszenbaum lead the team, specialising in IT and financial services regulatory work respectively, supported by Peter Van Dyck, who has been particularly active on crypto asset matters. Cédric Lindenmann is a senior associate with a strong focus on cross-border fintech projects, particularly within the East Asian market, while fellow senior associate Axel De Backer contributes key financial services experience.
Practice head(s):
Filip Van Elsen; Sylvia Kierszenbaum
Other key lawyers:
Peter Van Dyck; Axel de Backer; Cédric Lindenmann
Baker McKenzie CVBA/SCRL
Baker McKenzie CVBA/SCRL advises banks and financial institutions, fintech providers, and non-regulated entities on regulatory, intellectual property, and commercial issues relating to crypto assets, payment platforms and products, and online banking, offering standout expertise in cross-border operational issues, market entry, and sustainable finance regulations. The team is headed up by Michael Van Acker, who focuses on financing work, data and privacy specialist Elisabeth Dehareng, and senior associate Olivier Van Den Broeke, who specialises in financial services regulatory advice to institutional clients and new market entrants alike. Senior associate Steffi Illegems also plays a key role on licensing and compliance matters.
Practice head(s):
Olivier Van den broeke; Michael Van Acker; Elisabeth Dehareng
Other key lawyers:
Steffi Illegems
Testimonials
‘Very responsive, great co-ordination ability among network firms, good business acumen and client-centricity. Client servicing quality and UX are excellent.’
‘I think the general note is that Baker does utilise their international network in an excellent manner and all the lawyers also seem to be great project managers which is often what the client needs. There are more and more cross-jurisdictional matters and clients and a truly international law firm is what the client needs. I can bring out the following who have been very diligent on managing our international requests and really taken their role as a coordinating law firm seriously: – Olivier Van den broeke – Steffi Illegems’
Key clients
ParkMobile
Housers
Deposit Solutions
Wayflyer
Agoda
Western Union
Mollie B.V
Alpha Card
Antwerp World Diamond Center (AWDC)
Mercedes Pay
Flawless Money Limited
Robinhood Securities
Coinstar
Tencent
Veriff
Wish / ContextLogic
Esprit Card Services
Mesirow Financial Investment Management
Shares.io
MeDirect Bank
Work highlights
- Advised Shares.io, a social investment platform and Fintech scale-up, on marketing and consumer protection requirements, as well as registration requirements relating to crypto-asset exchange services.
- Assisted Novus Underwriting with its post-Brexit relocation plans to Belgium.
- Assisting ParkMobile with obtaining and maintaining a limited network exemption from the PSD2 licensing requirements for the set-up of an innovative mobile payment solution for car parking services.
CMS
CMS combines banking and finance, regulatory, and digital law expertise in its work with neo-banks, payment providers and venture capital companies, advising on financial regulatory issues, Belgian market entry, intellectual property, and AML considerations. The team is headed up by Benoît Vandervelde, who has a strong focus on the fintech space, working with companies on new products and regulatory compliance, Tom De Cordier, a specialist in data protection and IP issues, and Dirk Van Liedekerke, who advises on competition law and electronic communications regulations.
Practice head(s):
Benoît Vandervelde; Tom De Cordier; Dirk Van Liedekerke
Other key lawyers:
Florence van Damme
Testimonials
‘Reliable and competent team.’
‘Deep knowledge and understanding of financial services regulation’
‘They are a very collaborative firm. If a team does not have the right legal competence, they directly re-direct the competent associate/partner. They are very available, always up to answer any question in a very tight timeframe (which happens quite often in our industry). They have a good knowledge of our industry and very practical.’
Key clients
Revolut
Superbet
Minotorus
Courtside Ventures
Verve Capital Partners
JCB
Be Angels
Hokodo
Quantessence
Work highlights
- Advised neo-bank Revolut on various Belgian payment services, deposit and insurance distribution topics, in connection with upgrades of their services and contemplated new products.
- Advised Euroclear’s subsidiary Quantessence, a start-up connecting distributors, asset managers and hedge providers for obtaining a Belgian MiFID license.
- Advised Hokodo on their expansion in Belgium.
Linklaters
Linklaters offers a broad service to institutional clients entering the fintech space, working with banks, financial institutions, as well as funds and payment providers on regulatory, intellectual property, and general corporate issues, including transactions and structuring. The firm advises a number of international players on Belgian market entry and compliance with EU regulations, with a particular focus on digital funds, blockchain, and crypto assets. The team is led by financial regulation head Etienne Dessy, Guillaume Couneson, who takes the lead on data and intellectual property issues, and Andreas Van Impe, a fintech specialist with experience advising established institutions on new digital products, who was promoted to counsel in May 2022.
Practice head(s):
Guillaume Couneson; Etienne Dessy; Andreas Van Impe
Testimonials
‘We had a great brainstorm session on blockchain and crypto assets’
‘Etienne Dessy and his team are always up-to-date on different topics and ready to give clear presentations and well appreciated insights.’
Key clients
Proximus
AXA
Wise Europe
Unifiedpost Group
Euroclear
bpost
BNP Paribas Fortis
Belfius Bank
Work highlights
- Advising Unifiedpost Group and its subsidiaries throughout the EU on various FinTech matters, such as, remote onboarding, providing FX services, implementing recurring payment schemes and app based invoice factoring.
- Assisting Degroof Petercam Asset Management in relation to the development of an innovative tech-driven investment product which DPAM intends to provide to several players in the Benelux market and beyond as well as a related intuitive online investment simulation tool.
- Assisting Euroclear in structuring the integration of the digital MFEX fund distribution platform into the larger Euroclear product offering.
time.lex
Fintech specialist Edwin Jacobs leads the team at time.lex, advising European and domestic banks and fintech scale-ups on PSD2 licensing, GDPR compliance, cybersecurity and other regulatory issues, and payment services approvals, as well as working increasingly on blockchain and crypto matters. In particular, the firm has increased its work with US clients looking to expand EU and Belgian operations, and on NFT and other tokenisation matters. The team is able to draw upon strong tech and regulatory expertise, encompassing IT, intellectual property, and data considerations.
Practice head(s):
Edwin Jacobs
Other key lawyers:
Niels Vandezande
Testimonials
‘Timelex has a nimble and capable team of professionals that quickly understands issues and takes a practical approach to solving them.’
‘Edwin Jacobs – very personable and has a sharp appreciation of EU laws related to payments and privacy. He is our lead contact at Timelex. Niels Vandezande – subject matter lead on crypto has a common sense practical approach to solving crypto licensing and other issues in the EU.’
‘Edwin Jacobs is an experienced fintech expert and a reliable source for regulatory matters in Belgium.’
‘Timelex is a law firm with a strong expertise in the FinTech field and with an exceptional network of correspondent firms throughout the world.’
‘Edwin Jacobs is a very good lawyer with exceptional skills in the FinTech field.’
‘Timelex is quick and has a pro-active approach. Up until now, they have even been able to meet the toughest deadlines. The team is well organised, very precise and technically excellent. The cooperation is based on partnership and is very pleasant.’
‘Edwin Jacobs is very knowledgeable in Fintech, which enables him to get a grip on all relevant legal topics from different angles and find solutions. He is also great to work with.’
‘Edwin Jacobs: knows the small details on all evolutions in Fintech and is also a very useful sparring partner to discuss how to anticipate these changes. This goes beyond purely the digital way of working.’
Key clients
Nuvei
Twikey
Block Inc.
Axepta BNP Paribas
Bank van Breda
Infinity Mobile
Rabobank
Atradius
MM Fintech
IC Cash Services GmbH
Work highlights
- Advising Nuvei on fintech and crypto regulatory matters in M&A transactions.
- Advising Block, Inc. (formerly Square, Inc.) on legal and regulatory requirements for deploying its payment services in Belgium.
- Assisting Twikey in various fintech law related matters.