Local view for "http://purl.org/linkedpolitics/eu/plenary/2017-05-16-Speech-2-654-000"
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"en.20170516.29.2-654-000"2
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"Mr President, the fintech revolution is one that is having, and will continue to have, significant positive effects on our economies. It will make finance safer and better for consumers and will help us to find cost efficiencies and improve the quality of our financial services. This is an area that I have particular interest in, as it is one that I see has huge potential for innovative solutions across the entire economy in terms of making payments, financing investments and managing data. The innovations we are seeing today are already allowing us to manage our personal finances easily, transfer money across borders and buy and sell shares – all on our phones. These represent enormous technological developments compared to just a few short years ago. Financing businesses, and SMEs in particular, has proven difficult in recent times, particularly in the years since the economic downturn. Fintech innovations such as peer—to—peer lending can bring significant, new options to startups. Peer—to—peer lending can provide much—needed capital investments to our SMEs at competitive lending rates. There are obviously regulatory questions that come up in this discussion, however, and so I think that the support is timely. It is important this sector is regulated properly, but we should be careful not to over-regulate and stifle the innovation we are seeing today. The question of cybersecurity also comes into focus, especially after the last weekend, and I welcome the proposal by Microsoft for a global gathering on cybersecurity. Overall, this is a very positive development."@en1
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