Stay up to date with the latest news from the Netherlands! Enjoy reading!
Bank Muamalat signs long-term partnership with Backbase for Engagement Banking platform (Fintech Futures)
Bank Muamalat in Malaysia has entered a long-term partnership with Dutch digital banking solutions provider Backbase to develop a digital Islamic banking super-app for its retail customers. This initiative, supported by Mambu’s core banking platform and anchored by Backbase, aims to enhance onboarding, transaction processing, financing, consumer servicing, and engagement. The app is part of Bank Muamalat’s digital transformation, designed to offer personalized banking experiences tailored to customer preferences. Initially focused on retail, the bank plans to extend these innovations to commercial and SME segments in the future. President and CEO Khairul Kamarudin reports his aims to make the bank’s services more modern, customer-centric, and digitally progressive, with the app set to launch by the end of the year. Additionally, Bank Muamalat has partnered with Google Cloud, leveraging its cybersecurity, infrastructure modernization, and AI solutions to support its digital transformation efforts. Read more
The richest Dutch pay 28% tax while the rest pay 40% or more (Dutch News)
New calculations by the Netherlands’ macro-economic forecasting agency, CPB, reveal that the richest 1% in the country pay relatively less tax than the general population and have seen their incomes increase more sharply. The research, covering the period from 2011 to 2019, shows that the wealthiest 0.01% paid a tax rate of around 28%, significantly lower than the 40% rate paid by those with average incomes. This discrepancy is attributed to the richest individuals earning most of their income from company profits, which are taxed differently. In summary, the study, conducted for the finance ministry and accounting for both taxes and social security premiums, also highlights that the top earners’ incomes grew by over 70% during the study period, compared to just a 5% increase for the lowest 90% of earners. Read more
Dutch far right-led government set for clashes with Brussels (FT)
The Netherlands’ new far-right-led government, formed by Geert Wilders’ Freedom Party (PVV) along with the conservative liberal VVD, the centre-right New Social Contract, and the populist Farmer-Citizen Movement, has agreed on a coalition programme after six months of negotiations. The coalition plans significant spending cuts amounting to €14 billion and intends to curtail climate and energy policies in line with the EU Green Deal, which may lead to legal challenges. On migration, the government proposes strict border controls, limits on international students and non-EU workers, and opting out of EU asylum policies, potentially leading to conflicts with Brussels. Additionally, it aims to reduce contributions to the EU budget by €1.6 billion annually for the 2028-34 period and is considering moving the Dutch embassy in Israel from Tel Aviv to Jerusalem. The coalition, excluding Wilders from the prime minister role, faces criticism for its stability and financial soundness, with some describing it as shaky and its policies as unrealistic. Read more
Wall Street is fluctuating around record levels while awaiting Nvidia figures (FT)
American stock markets rose slightly on Tuesday, nearing recent record highs, as investors awaited Nvidia’s earnings report. The S&P 500, Dow Jones, and Nasdaq all saw modest gains; however, Federal Reserve officials tempered expectations of rate cuts, explaining the need for sustained positive inflation data. Lam Research and JP Morgan were among the gainers, while Zoom Video Communications initially rose but ended lower due to disappointing future forecasts. Palo Alto Networks reported higher-than-expected profits but fell short on future projections. Trump Media & Technology Group suffered a significant loss after reporting quarterly losses. Read more
Investing households will take off in 2024: 11.3 billion in profit (De Nederlandse Bank)
Dutch investors experienced a prosperous first quarter in 2024, with joint investments increasing by €13.1 billion. Households saw returns of €11.3 billion from increased stock prices and made additional net purchases totaling €1.8 billion. Additionally, the total value of investments rose to €180.1 billion, marking the largest quarterly increase since the end of 2020. In part, investment fund participations contributed significantly to this growth, with returns of €6.3 billion and net purchases of €0.8 billion. Direct investments in listed shares also saw gains of €4.7 billion, nearing record levels observed in 2021. The value of bond holdings continued to rise, reaching €6.6 billion, the highest since October 2016. Despite these successes, Dutch households hold more savings in bank accounts and have substantial assets with pension funds, insurers, and in the housing market. Read more
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