The Fintech Symposium: Banque de France pitching France as the next European Financial center for digital innovation
On Wednesday the 28th of March, the Banque de France and the ACPR (the French Prudential Supervisory Authority) held a half-day long symposium about the state and future of French digital Finance sector, the so called Fintech.
Through several panels, multiple key representatives from the French Fintech Sector, as well as from the institutional actors, have discussed the prospects of the country as the next biggest financial center in Europe thanks to digital innovation.
During her introductory speech, Anne-Claire Legendre, Consul General of France in New York, emphasized the importance of embracing the disruption that is taking place today in the financial sector. This was emphasized by Nathalie Beaudemoulin, head of the Innovation Hub of the ACPR, which told the audience that “France wants to be a gateway for financial technology”.
Private and public executives alike explained that Fintech in France is currently undergoing a stage of rapid growth and that more initiatives has been taken to foster it. To help fuel sector growth, France already invested approximately $390 million into Fintech firms last year, and the French government has launched a €10 billion Fintech startup fund for the next three to five years.
These initiatives are complementary to the ambitious reform agenda set forth by the new administration in order to make the economic and financial environment more business and investment friendly.
As Minister of Finances Bruno Lemaire stated recently, France aims to “enter the world of finance of the 21st century, by guaranteeing all players the necessary security for their development”. This idea of creating a more secure and accountable environment to help growth echoes theEuropean General Data Protection regulation.This initiative is spearheaded by France. Mrs. Isabelle Falque Pierrotin, President of the CNIL (the French Data Protection Authority) attended the conference on this topic organized that same day by the Consulate in partnership with the FrenchTech NY, the French Treasury in the US and the European American Chamber of commerce. She insisted on that this regulation package will boost growth in the digital sectors and will better protect citizens all while reinforcing the European identity and principles.