12 Jul Cora van Nieuwenhuizen appointed as Fintech Rapporteur
Member of European Parliament (MEP) Cora van Nieuwenhuizen is the rapporteur on Fintech on behalf of the European Parliament. She is the author of a report which will have an important view for the European commission to get into action. Over the next coming days, she will have an intensive discussion with the specialists and specialized committees, after which she will provide her recommendations to the political course that should be followed.
She is happy that there is a discussion about the future of financial institutions. She said that “When discussing the banking sector, we are often still speaking about the consequences of the crises and the challenges that lie ahead as a result. But we should do the contrary: we should focus on the innovative future of banks and other financial serra van vices, which will also affect consumers and the way they may organize their finances in the future. In the months to come, I will attempt to modify regulation in such a way that it facilitates, instead of frustrates”.
She believes that Fintech will have a major impact in coming years and will create new business models within one of the strongest and most complex regulated industry. Fintech will also offer start-ups and SMEs to find finances for their projects or businesses. In Fintech, developments are happening at a rapid rate and during last year USD 19 billion were invested globally in Fintech and compared to USD 1.5 billion in 2010.
Van Nieuwenhuizen will be hosting the first meeting tomorrow on how Capital Markets Union can help in facilitating Fintech. A large number of experts from the Fintech industry from all over Europe and Commissioner for Financial Stability, Financial Services and Capital Markets Union Jonathan Hill will be attending the event.
