Andorra’s e-commerce and FinTech revolution gathers pace

An impressive telecommunications backbone that includes excellent broadband provision, combined with a flexible, proactive and “can do” mindset, has helped the microstate become an emerging player in one of the world’s fast- est-growing industries. Developing convenient alternatives to traditional banking and trade, Fintech providers are fundamental to delivering user friendly innovation and the rise of crypto- currencies like Bitcoin bodes well for a sector that requires new legislation and oversight.

This point was clearly illustrated by Actua Director, Judit Hidalgo, during an address to an audience last year where she outlined how the local banking industry is seeking to tap into the many opportunities on offer. “The Andorran banking sector is an international reference in Fintech matters, but we must constantly bring ourselves up to date because changes in this sec- tor are extraordinarily fast,” she said.

“Our main goal is to help Andorran compa- nies in their innovation processes. It is important to work together since it’s a way of establishing new collaborations, knowing challenges and the main objectives to achieve better results for everyone. Our idea is to go deeper into the needs of the sector and of each company.”