After six years of tireless work, Finansforbundet, the Financial Services Union of Denmark, has reached a ground-breaking sector-wide collective agreement in FinTech, that secures workers’ rights and provides proper working conditions in the growing sector.
“We are extremely proud to have negotiated the first-ever sectoral agreement in FinTech. Competition in the sector should never be over workers’ rights and working conditions, but rather on strategies, products and services,” said Michael Budolfsen, President of UNI Europa Finance and Vice-President of Finansforbundet.
The new sectoral agreement applies to all the Employers’ Association for FinTech member companies with 10 full-time employees and over and it could serve as a model for other countries where FinTech is gaining market share in the financial services sector.
“With this agreement, Finansforbundet is leading the way in FinTech, promoting workers’ rights and structuring a sector where companies can compete on the quality of their services rather than engaging in a race to the bottom,” said Angelo Di Cristo UNI Global Union’s Head of Finance. “We look forward to see similar outcomes in other countries and regions with active participation of UNI Finance.”
FinTech has been characterized as a subsector of the financial industry that aims to compete with traditional financial institutions using telecommunications and digital technology in finance. Unfortunately, too often FinTech workers can have precarious jobs with limited rights.
Facts about Danish FinTech:
- The FinTech companies are characterized by using new technology to specialize in specific financial niche areas.
- More than 2,300 new Danish FinTech start-up jobs have been added in the period 2015-2019.
- In September 2020, finance and FinTech were designated as a new official Danish strong point in the new business support system.