Fintech transforming digital economics and the economy

28 March 2017 Author: EIFonline

On 28 March, EIF and Eva Kaili MEP hosted a debate to discuss how the Fintech revolution is transforming digital economics and the economy.

In her opening remarks, MEP Eva Kaili stressed that consumers are the main concern of decision makers when discussing how to provide easier, cheaper and safer access to financial products and solutions. In her view no one can ignore that open banking is a reality and new emerging players are challenging traditional models.

Roberto Viola, Director General of DG CONNECT, considered that the financial sector cannot be immune to the digital transformation and will adapt. Citizens should not perceive the automatisation and digitalisation of the economy as a threat, the transformation should bring opportunities, especially to those equipped with the right skills.

For Gianpiero Lotito, CEO of FacilityLive, we are currently experiencing a cultural revolution. He praised the tremendous power of fintech technologies to create platforms that disintermediate the access to capital. In the future European companies may be able to grow on equity rather than debt and loans.

Luca Peyrano, CEO of ELITE, highlighted that our economies compete and will continue to compete more and more to access finance in a cheaper, easier and more flexible way in the years to come. Culturally speaking, Mr. Peyrano feels Europe is lagging behind the US where the idea of embracing risks has higher acceptance..

The view of Ruth Wandhöfer , Global Head of Regulatory Market Strategy, Managing Director Citi, is that for a time banks did not innovate as there was no money and lack of creativity and some could not see the end to the financial crisis, thus traditional banking facilitated the emergence of fintech.

In this #EIFAsks video, MEP Zorrinho, representatives of the European Commission, Public Libraries and members of the technological industry discuss all aspects of the WIFI4EU initiative including funding and available technologies to make it happen.

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