French FinTech Division to Respond to Financial Innovation Risks in Europe

A new FinTech, Innovation and Competitiveness (FIC) division created by the French financial market regulator will soon operate in the country.

A new FinTech, Innovation and Competitiveness (FIC) division created by the French financial market regulator will soon operate in the country to investigate the impact of new technological innovations on the financial sector. The regulator Autorité des Marchés Financiers (AMF) was announced on May 30th.

According to the official press release, starting June 1st 2016, this division will operate under the leadership of Franck Guiader to analyze the opportunities and risks of financial innovations. FIC will also take part in adjusting and maintaining the financial regulations in France and be involved in European discussions. 

“It will be involved in the European discussions and will be tasked with assessing the need to adjust French regulations, or AMF policy, while maintaining a high level of investor protection. The FIC division will therefore be involved in financial centre matters connected with international competitiveness.”