Consultation European Commission - Fintech Action Plan

Launched in April by the European Commission the Consultation on a new digital finance strategy for Europe / FinTech action plan will allow a new action plan for fintech to be set up at the community level, which will be proposed in the third quarter of 2020.

Commission teams wish to exchange views with all stakeholders in the industry, and foremost among which, with fintech, assurtech and regtech, member countries. They propose on this occasion that the actors concerned can report the problems and obstacles encountered in their development. by responding directly to the consultation and exchanging through dedicated e-events as part of the program Digital finance outreach 2020. 

France FinTech is honored to have been selected to coordinate exchanges for France. As such and to facilitate the discussions, we suggested to organize the discussions in the form ofthematic workshops aimed in particular at start-up and scale-up which will take place on Friday June 12, morning, via the Livestorm platform.

These have been designed to allow us to process three common and global issues linked :

• regulatory obstacles to innovation in the single market,
• regulatory obstacles to internationalization
• global technological developments (AI, blockchain etc.)

And address the consultation questions that directly concern companies according to their business vertical (s) presented below.

• In your sector, where do you see the major trends in technological developments?   
• What should we do at European level to support these trends and accelerate innovation for the benefit of consumers (B2C), businesses (B2B) and the financial industry (regulation; supervision; experimentation; investments?

• In your opinion, is the regulatory framework for financial services completely technologically neutral and perfectly suited to your activities? 
• Do you need more regulatory clarity in certain areas? if so, for what technology and at what level?

• What are the main difficulties that you encountered when you extended your activities outside France (financing problems only, or administrative and regulatory problems as well, for example differences in approaches between the supervisory authorities, slowness or cost of authorization, others)?
• What should we do at European level to facilitate access to the single market for all start-ups in the financial sector (all suggestions are welcome)? 
• What are the good practices that you have identified in other countries?

11:30 am - 12:30 pm: Payments players and neo-banks

• • To what extent have the European directives in the field of payments (PSD2, EMD2, SEPA) facilitated your services and in what type of market (B2C, P2P, B2B)?
  • Do you think that the European regulatory framework for payments has favored the emergence of new players, or do you think that it rather facilitates the entry of “GAFAs” into the market?
  • What measures would you propose to promote the emergence of pan-European players capable of competing with international giants?
  • In terms of the fight against fraud, do you think that PSD2 and strong customer authentication provided the right solutions, or are there improvements to be made?

Your involvement and your participation are all the more important as these workshops represent a real opportunity, for you French entrepreneurs and fintech, to make your voice heard and your feedback. We strongly encourage you to participate in one or more of these workshops depending on your interests and activities; your interventions will help to define European policies adapted to your needs. 

In order for these workshops to be relevant and dynamic, we will offer one to two referents by session who will thus be able to participate in the compilation, organization and enrichment of your sectoral key points. 

Please send us the additional and specific subjects that you would like to deal with, directly via the registration form or by email louis.desaintmarc [at] francefintech.org

In addition, do not hesitate to transmit this information to your employees, colleagues concerned by these regulatory subjects or to your fintech partners or in the portfolio.