Fine-Tuning Europe: How to Win the Global FinTech Race?
18 February 2020
The term ‘financial technology’ (FinTech) refers to technology-enabled innovation in the financial sector. FinTech could result in new business models, products and services. It has been rapidly developing around the world, offering innovative products and services that are quickly gaining traction with consumers and investors. Different countries and regions around the world are finding themselves caught up in this fast-paced ecosystem, where their competitiveness depends on a variety of factors, including the interaction of different market players, access to funding and talent, and regulatory measures. This paper examines the latest developments in specific financial technologies, major financial services and product providers. It also looks at the conditions which are shaping financial centres’ competitive significance in FinTech on a global scale.
Recent trends suggest that the US and China are emerging as key hubs for unlocking the disruptive potential of financial innovation in terms of the scale of their FinTech businesses and investments compared to Europe. For the comparatively smaller and younger European FinTech companies it would be challenging to compete with them without favourable government initiatives and support. The EU has already undertaken certain measures and initiatives in order to nurture its FinTech firms, but at the moment it lacks a targeted, EU-wide approach to FinTech. The policy landscape remains rather fragmented with different national approaches to legislation and regulation. The paper examines the current EU policies, initiatives and frameworks for the purpose of providing forward-looking policy recommendations for a more competitive and innovative single European market in the financial sector.
ENJOYING THIS CONTENT
20 Years of Neglect and Regret: Why Competitiveness Will Haunt Europe in the 2024 Elections
13 Dec 2023
NATO and the EU are complementary, but the Union must have a common defence
In the Media - Interviews and Expert Quotes
22 Nov 2023
Remembering our Founder Wilfried Martens on the 10th anniversary of his passing
Multimedia - Other videos
12 Oct 2023