Not wanting to be left behind in the global FinTech engineering race, corporate leaders from around France have banded together to create the France FinTech association.
Into the fray
FinTech has become a hot topic worldwide, as new financial service technologies and business have been springing up over the last two years. Technological hotbeds like London, New York, and Silicon Valley are on the cutting edge of the latest advancements in finance, technology, and engineering.
Innovations include digital currencies like Bitcoin, regulation and oversight initiatives like New York’s BitLicense, and financial innovation “labs” created in London by megabanks like UBS and Barclays. Now the next country to get on board the fintech bandwagon is France.
Three dozen French fintech startups working together
Execs from companies like Kantox, Ledger, Leetchi, Lydia Solutions and Smart Angel will comprise a committee for France FinTech going forward. The committee chairman will be chaired by former SocGen executive Alain Clot. This has the full backing of government financial regulators.
Axelle Lemaire, France’s minister of state for digital affairs said:
“The challenges facing the financial industry are those which affect our whole economy. To turn that industry into a key player in the digital revolution requires simplicity, trust and strong support for start-ups and French innovation. The government also wishes to ensure that the sector is structured. That is the reasoning behind the creation of the France Fintech association, which I applaud.”
Objectives of France Fintech focus on national and international promotional and media campaigns, lobbying initiatives with government, and programs that engage investors, research, and the mainstream financial sector.
France has seen impressive growth as a Bitcoin digital currency market, with supermarkets accepting Bitcoin for online shopping. Also, digital currency exchanges are allowed to work as banks, and a La Maison du Bitcoin (“House of Bitcoin”) opened in Paris 2014.
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