For the Banque de France, Big Techs are the adversary, not fintechs

There were three of them to get the message across. The Banque de France, the government and the Autorité des marchés (AMF) have all warned the major French banks: tensions with fintechs - exacerbated last week after a controversial position taken by the French Banking Federation - must stop because the threat actually comes from GAFA.

“Let’s make no mistake about our adversary,” declared François Villeroy de Galhau, Governor of the Banque de France, at the opening on Monday of a day of discussions dedicated to fintechs and organized by financial regulators.

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