EU Searches For Financial Technology ExpansionsSeptember 11, 2017 5:38 pm
European Union finance ministers will look for ways to recruit financial-technology companies, Reuters reported Monday.
The effort will be made in an attempt to keep up with the United States and China in the industry when Europe’s biggest fintech market departs along with Britain, the report said
According to Reuters, Friday’s meeting, which will take place in Estonia’s capital Tallinn, will discuss how to best draw fintech companies to Europe once Britain leaves the union in 2019.
The meeting will also bring up international expansions of existing fintech companies into Europe, said the report.
In 2015, China’s fintech market was worth $102 billion, making it the leading nation in the world, the report said. The U.S market totals to $36 billion but still overshadows the EU, $6 billion.
Despite being a small fraction of financial services, fintech is still a hurdle for banks and other businesses in terms of insurance, lending and financial advice, said the report.
The EU is still working towards proper regulations for fintech “to prevent regulatory and supervisory arbitrage” in the industry, said Reuters.
– WN.com, Shyma Hossain