Future of the European Fintech brings together European fintech companies and associations that are seeking fair regulation of their services under the Payment Services Directive 2 (PSD2).
Europe has consistently demonstrated its ability to build and deliver world-class fintech innovation; the world’s first ATM was invented by Scotsman John Shepherd Barron and installed at a Barclays branch in London in 1967. Europe today continues to breed the world’s most innovative Fintech companies. We are those companies.
European political leadership has equally set a world class example with recent consumer-focused legislative actions, such as PSD2 and the General Data Protection Regulation. These legislative acts foster innovation and drive both competition and choice in the market. They also ensure that the highest standards of consumer protection are upheld and empower all European citizens with the ownership of their data.
We are now at a crucial moment in the finalisation of the technical standards of PSD2. We strongly believe that if some of the proposed standards are adopted, specifically those in relation to how fintechs communicate with banks on behalf of the consumer, they will have a severe adverse impact. They will have a negative impact on competition, they will jeopardise consumer control over their own financial data, and they will have a critical negative impact on the future trajectory of innovation in Europe. The proposed regulatory standards are inconsistent with PSD2 and will make fintechs technologically dependent on banks and therefore grant incumbents a gatekeeper role on the fintech sector.
We therefore engage in this industry-wide and important effort to safeguard the future of European fintechs. We do it for the benefit of all European consumers, for continued growth and innovation in e-commerce and for continued European leadership in this field.
Europe today continues to breed the world’s most innovative Fintech companies.
We are those companies.
Opinion of the Bundeskartellamt [Federal Cartel Office] on the Draft Act of the German Federal Government
* The original text is published on the German Bundestag website and can be found here.
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