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The governor of the Banque de France whistles the end of the recreation between fintech and banks

October 11, 2021 | News, Publications

While the tone has surprisingly risen between banks and fintech companies in recent weeks, the Governor of the Banque de France, François Villeroy de Galhau, took the floor to stop these exchanges of courtesies and on the contrary encourage cooperation.

At the end of September, Nicolas Théry, president of the French Banking Federation (FBF), went up to the front to question the ability of fintechs to protect customer banking data, in the era of open banking. “The gigantic valuations of Fintech correspond to the anticipation by the markets of a commodification of individuals and their personal data. However, it is not a question of a market choice, but of society ”, he argued. The response of Alain Clot, president of France Fintech, was not long in coming, the latter regretting a position taken " in contradiction with its members ”, rather militant for a strengthening of cooperation. An opinion shared by the Governor of the Banque de France François Villeroy de Galhau.

At the opening of the second FinTech forum organized by the Prudential Control and Resolution Authority (ACPR) and the Financial Markets Authority (AMF). he has just called on banks to better support the development of fintech, these young shoots offering financial services via digital technologies. “I call on the banks to support the transformations of the financial system in a constructive way, without showing excessive fears ”, said the governor. “If banks and fintech did not each know how to innovate, and often innovate together, the big techs (often American or Chinese digital giants, editor's note) would pick up the stake ”, he underlined, after having asked the banking institutions not to “tbreak opponent ”.

The governor said he hoped that " the difficulties of implementing open banking", That is to say the possibility offered to companies - financial or not - to connect to the services of a bank via standardized channels, and this, in order to develop their own applications,"be behind us ”.

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