3 takeaways from Paris Fintech Forum 2018
I had the pleasure to attend the 2018 edition of the Paris Fintech Forum which took place at Palais Brongniart on January 30 and 31. The conference gathered more than 2,000 attendees (an eclectic mix of established financial institutions, startups and thought leaders from forty five countries). Here are some of my takeaways.
The Bank of France supports blockchain… cryptocurrencies not so much
The Governor of the Banque de France (the French Central Bank), François Villeroy de Galhau, reiterated the institution’s belief in blockchain frameworks. Back in December 2016, it went ahead with its first blockchain-related test.
The Governor of the Banque de France (the French Central Bank), François Villeroy de Galhau, reiterated the institution’s belief in blockchain frameworks. Back in December 2016, it went ahead with its first blockchain-related test.
The Banque de France said on Friday that it had tested the tech for hypothetical use in the management of SEPA Credit Identifiers, or identification markers used to establish the identity of creditors within the Single Euro Payments Area. The trial marks its first publicly acknowledged blockchain trial.
According to the central bank, one of the key participants in the trial was the Caisse des Dépôts et Consignations, a public-sector organization that acts as a kind of investor on behalf of the French government through a number of subsidiaries. Paris-based startup Labo Blockchain and several unnamed French banks also took part in the test.
Last year, The Bank de France also opened a new innovation lab, which aims to collaborate with blockchain startups.
In a bid to boost the FinTech sector within the country, the governor said that officials are opening a new blockchain innovation lab. According to the French central bank, it has already welcomed over 100 key innovators since the creation of its FinTech Innovation Unit. It has also set up a FinTech Forum with the Autorité des Marchés Financiers (AMF) to increase the bank’s interaction with innovators.
During the conference, François Villeroy de Galhau was asked if he saw any potential for cryptocurrencies such as bitcoin, to which he responded: “invest in cryptoassets at your own peril”.
Paris Region has bilingual ambitions
Valérie Pécresse, President of Région Ile de France (”Paris Region” or Greater Paris Area in English) gave an insightful interview in which she detailed her administration’s ambitious plan to make Paris and surrounding areas more bilingual (French / English that is). Pécresse sees such as a crucial initiative to attract foreign talent.
Associated projects include the creation of an online platform dedicated to English language learning. It would be available to all residents free of charge and focus on conversational skills.
Neobanks move into crypto trading
A few “neobanks” (often referred to as “digital only banks”) that were present detailed their plans to introduce cryptocurrency trading into their product offering.
UK-based Revolut, recently published a blog post entitled “We’re about to start unlocking cryptocurrencies for everyone!”
However, after a wee delay, we’re super happy to announce that we’ll be rolling out cryptocurrencies to all customers in batches.
This means that everyone will soon be able to buy, hold and sell Bitcoin, Litecoin and Ethereum in just 30 seconds directly from the app. You can also transfer cryptocurrency to other Revolut users for free or even pay for your morning latte in Bitcoin!
Until next time…
