France’s competitors authority has launched a session on the fintech sector, specializing in the position of ‘large digital platforms’ in cost companies, experiences World Authorities Discussion board.
The Autorité de la concurrence has introduced the transfer in a 12 months when scrutiny of latest applied sciences’ influence on monetary companies has elevated, amid concern over non-French firms’ penetration of the rising e-payments market.
The session covers three major areas: the evolution of the funds market lately; the “delimitation of the markets concerned and analysis of the position and competitive advantages of the players involved”; and the “commercial practices likely to be implemented by the different actors”.
The three-page session doc comprises 12 questions, together with asking respondents for his or her view of the entry of ‘digital giants’ into the French funds sector; the acquisition of fintech firms specialising in cost companies; and competitors points associated to ‘crypto-assets’, blockchain and cloud companies. The session closes on 19 June 2020.
The Autorité mentioned that the “impact of the digital revolution on the financial sector” was considered one of its priorities when unveiling its 2020 priorities firstly of the 12 months. The Paris-headquartered authority’s president is Isabelle de Silva, who has beforehand highlighted her concern about US-headquartered tech firms’ strikes into on-line funds in France.
Reacting to the French session and utilizing the Autorité’s English acronym the FCA, Florence Leroux from the Paris workplace of Fowl & Fowl instructed World Authorities Discussion board: “The consultation is welcome and shows the FCA’s high interest in the sector. The FCA seems to be particularly concerned with the entry of digital giants into the financial sector (mainly US companies) – which echoes a concern raised earlier this year by the French Ministry of Economy in [its] report dealing with the prominence of US companies in the payments sector in the EU, and whether those companies should be required to keep the data on European soil. The consultation comes, however, at a time when two European Commission consultations are running on fintech and payments, and one might fear some overlapping here.”
The Fee famous, in launching the consultations Leroux refers to, that the coronavirus pandemic means there’s a heightened want for well-regulated digital infrastructure throughout Europe. The manager department of the 27-member European Union mentioned coronavirus had “underlined the importance of innovation in digital financial products, as reliance on remote services has increased considerably”. Each Fee consultations shut on 26 June.
Additionally in France, there was additional momentum in the direction of a possible central bank digital forex (CBDC). Particularly, Banque de France and Société Générale have trialed blockchain to settle a ‘wholesale’ CBDC transaction, it was introduced final week.