It’s somewhat gratifying to see all the activity taking place around the globe with regard to financial tech development and growth. Dubai has been taking several actions on this front of late and now the European Commission has penned a Fintech Action Plan with the intent to boost financial technology innovation throughout the continent. Clearly, banks are laying off employees, turning on eerily human-looking chatbots, and the whole digital currency and ICO space is exploding. Those who have no forward-thinking action plan on fintech will merely be swept up – and swept aside – by the technology and countries and continents who are proactively directing that growth alongside the private sector. In the US, we’re also seeing this take place extensively at the regional level, and in some surprising places like Arkansas and Wyoming, not just NYC and Silicon Valley. We say HURRAY to it all!
“(T)he European Commission has announced its intent to pursue a Fintech Action Plan designed to boost Fintech innovation across continental Europe. The recognition that enabling innovations in finance are of strategic importance. This is a vital step in keeping Europe competitive in one of the most important sectors of industry: finance.
The EC believes that solutions using digital identification, mobile applications, cloud computing, big data analytics, artificial intelligence, blockchain and online capital formation are emerging rapidly. Fintech can benefit consumers, businesses and the European economy in general. Europe is not alone in pursuing a policy that accelerates innovations in finance. The UK in many ways has led the sector. Certain Asian countries have invested heavily in public – private partnerships to help catalyze sector growth. Australia has leapfrogged other countries in empowering Fintech growth. Public policy is very important for Fintech to thrive. This is due to the highly regulated environment that can either enable innovation or crush it before it even commences…”