Fintech is the hottest industry segment of this year. The competition in the European fintech industry has heated up in anticipation of the Brexit. The recently held Paris Fintech Forum has pushed France’s fintech ecosystem into the spotlight.
The potential benefits offered by blockchain and other fintech applications has increased the demand for new age technology solutions in the banking and financial sector. The increased interest is driven by the potential savings in terms of time and money offered by these new technologies to financial institutions.
The Paris Fintech Forum presented itself as an ideal opportunity for all the stakeholders in the industry to meet under one roof and strike meaningful collaborations to further the cause of financial sector. Those in attendance at the old Paris Stock Exchange included global fintech startups, bankers, insurers, investors, government officials and financial regulators.
The Paris Fintech Forum was inaugurated by the country’s Minister of Economy and Finance, Michel Sapin. Sapin’s participation comes soon after the government’s announcement of new fiscal policies and financial regulations in favor of the country’s growing fintech sector.
While addressing a gathering at the event, Sapin voiced his support towards blockchain technology. He is said to have mentioned that his department’s priorities include fostering the development of blockchain technology and the creation of a legislative framework to enable such development. He also touched upon the Article 120 of the so-called “Sapin 2” law that allows the government to authorize the issue and transmission of certain financial assets over a platform of their choice. The probability of invoking that law remains high at the moment, and in such a likely scenario, the use of a blockchain powered platform is very likely.
The Banque de France — French central bank is also excited about the distributed ledger based fintech solutions. According to the central bank’s governor Francois Villeroy de Calhau, his organization is open to supporting innovation as long as it can go hand-in-hand with the security requirements.
The Paris Fintech Forum managed to convey the government’s enthusiasm to attract more fintech companies into the country. The target apparently seems to be countries that are either leaving London or planning to have a foothold in the post-Brexit European Union for better prospects.