Fintech France: Financial Journey.

Following our fintech journey across Europe, we land in France, the sixth-largest economy in the world (2018) with significant international influence.

In the past, the French empire reached great importance, controlling 10% of the Earth's surface, which explains why its territory currently covers twelve different time zones.

The city of Paris has its own motto, "Fluctuat nec mergitur" (Tossed but not sunk), reflecting the resilient character of the French, as demonstrated throughout history on numerous occasions, such as the July 14 Revolution of 1789, or with more curious events, such as when during World War II, Hitler visited Paris and found the elevator cables of the Eiffel Tower cut so that he could not ascend, or if he did, he had to do so on foot.

Today, France remains a nation that aims to stay at the forefront of events, including those arising from the technological revolution.

As early as 2015, an initiative emerged formed by all entrepreneurs innovating in the financial services industry to represent French fintech through the creation of FranceFinTech, managing to bring together more than a thousand participants each year; the last one was held on September 20, 2018.

On June 1, 2016, the French Financial Markets Authority (AMF) created the FinTech, Innovation, and Competitiveness division (FIC) as a result of innovations in the sector. Together with the Prudential Control Authority (ACPR), it has created the FinTech Forum, a consultation avenue as a means for dialogue between the financial industry and regulators.

To visualize this, we can observe the Fintech Map published in Finnovating News:

On February 6, 2017, the Bank of France announced the creation of a Fintech Laboratory to collaborate with blockchain and Fintech-related startups. This aims for stable and reliable regulation that does not hinder innovation, aiming for optimal RegTech. Noteworthy are the words of its director, François Villeroy de Galhau:

" The digitalization of the financial sector can accelerate this positive process: it helps spread technological advances such as electronic signatures, solutions for defense against cyberattacks, or distributed ledger technologies. Innovative and secure payment solutions, such as blockchains, are also helping to accelerate the development of e-commerce and modernize physical commerce."

In this sense, we can also cite the words of Emmanuel Macron published on France Fintech's own page:

" This is a great transformation that we have to live through; that we are living through, and of which you are the actors. What drives our way of consuming, producing, innovating, organizing ourselves to be deeply revolutionary, not only by technological changes, but fundamentally by changes in usage, organizational changes that are very profound; and Fintech is at the heart of this revolution."

With this forward-looking discourse, we bid farewell to France, a romantic country with a multitude of flavors where cheese is king (they have more than 400 varieties) and beautiful landscapes that do not want to miss the train of this new revolution.