Frankfurt Digital Finance 2021 - What could politics do for fintechs?

The online conference "Frankfurt Digital Finance 2021" took place on 3 February 2021. Speakers on the "Political Framework" panel, which was moderated by Dr Hellmich, included Dr Tamaz Georgadze (Founder and CEO of FinTech Raisin), Dr Joachim von Schorlemer (Deputy Chairman of the Executive Board at ING Diba AG), Prof. Dr Joachim Wuermeling (Member of the Executive Board of the Deutsche Bundesbank), Dr Ami Appelbaum (Chief Scientist and Chairman of the Executive Board of the Israel Innovation Authority) and Ondřej Kovařík (Member of the European Parliament).

The key messages of the one-hour panel with an introductory keynote from Prof Dr. Joachim Wuermeling at a glance:

• Customer identification and identity management were considered to be crucial challenges in the regulatory landscape.
• It was a view shared by all participants that rules for customer identification need to be harmonized further in order to enable digital onboarding on a European basis.
• The cooperation of supervisory authorities on an European level should be intensified to unfold the power of a single European market and to avoid operational differences in implementation of rules.
• On regulatory sandboxes the views were more differentiated and ranged from confirming the need to preserve high customer protection standards to claiming that new technological solutions should be enabled in a less complex regulatory environment.
• It was claimed to perceive technology as an enabler also for standardization of regulatory supervision in a cloud environment.
• The successful role of the Israel Innovation Authority in attracting and supporting FinTech startups was highlighted.

More information on the conference: https://frankfurt-digital-finance.de/   

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