Netherlands-based fintech firm Fincluded has introduced PINCARD, a payment account designed specifically for EU migrant workers. This new offering aims to address the financial service needs of the growing migrant workforce in the Netherlands.

According to the official press release, migrant workers in the Netherlands often encounter difficulties when attempting to open a Dutch bank account due to language barriers and complex documentation requirements. PINCARD is looking to mitigate these challenges by providing a streamlined registration process, making it easier for these workers to obtain a Dutch payment account and engage with the local payment infrastructure. Dutch IBAN and Mastercard debit card PINCARD includes a Dutch IBAN, which simplifies processes such as receiving salaries through temporary employment agencies.

Additionally, account holders receive a Mastercard debit card for making purchases and withdrawing cash. The PINCARD mobile app, available in multiple languages, allows users to manage their finances, perform transactions, and request payments with ease. Account holders using PINCARD benefit from customer service available in their native languages, ensuring they receive adequate assistance for any inquiries or issues.

Representatives from Fincluded, emphasised the need for personal support in today’s digital age. They also talked about PINCARD and its aim to enhance the financial inclusion of migrant workers, focusing on convenience and transparency. The PINCARD account services are managed by Swan SAS, a regulated Electronic Money Institution (EMI) authorised by the ACPR/Banque de France.

Swan SAS is permitted to operate within the European Economic Area (EEA). According to finance-watch.com, the Netherlands ranks amongst the best countries of the EU regarding financial inclusion, as about 99% of the population has a personal current account, giro account or similar. In other words, less than one per cent of the population is unbanked.

According to the same source, the main reasons for this high level of financial inclusion in the country can be attributed to a universally high standard of living, high social benefits coverage, high financial products coverage, and universal and non-discriminatory banking services. .