“过去十年，数字服务已成为经济的新前沿，金融技术既成为了数字和金融经济的连接点，也加剧了市场竞争。还有一个更加复杂的现象值得我们去关注，就是金融技术的主导权正逐渐从美国向中国转移。”10月17日，法国前总理Dominique DE VILLEPIN（多米尼克·德维尔潘）在以“金融科技链接智慧未来”为主题的2018杭州湾论坛上如此表示。
法国前总理Dominique DE VILLEPIN
Dominique DE VILLEPIN首先介绍，在不平等性向全球蔓延、新兴经济体疲于应对债务压力和大型通胀，以及“无协议脱欧”可能会削弱和分化欧洲市场的背景下，寻找并鼓励基于创新和可持续投资的新增长点比以往任何时候都更加必要；为了创建稳定的金融环境，避免出现新的国际危机，在金融领域促成合作亦显得尤为重要。
Dominique DE VILLEPIN认为，金融技术已成为各国谋求技术领域主导地位时的主战场之一。原因是在过去10年，数字服务已成为经济的新前沿。从企业发展的角度看，数字公司的扩张已经成为了经济增长的生力军，苹果、亚马逊、阿里巴巴、腾讯四个品牌的总价值已经超过了4万亿美元，而四大主要国际银行的总市值接只有约1.4万亿美元。
从数字服务的覆盖度来看，虽然互联网渗透率在欧美超了85%，在非洲大陆依然低于30%，但到了2017年，全球能够访问互联网的人口数量首次超过了总人口的一半。数字经济也已占全球GDP的25%，非洲的在线商业市场有望从当前的100亿美元增至2025年的750亿美元。在这一背景下，金融技术已成为数字和金融经济的连接点。例如，财富管理的咨询方式被颠覆，付款变得比以往更加简便和智能：数据存储及安全也得到金融技术的保障。
Dominique DE VILLEPIN同时表示，金融技术加剧了市场竞争。其中一个值得关注的现象就是，金融技术的主导权正逐渐从美国向中国转移。针对这一现象，Dominique DE VILLEPIN建议，欧洲在金融监管与和平合作方面能够发挥重要的作用。
Dominique DE VILLEPIN介绍到，虽然欧洲并不以金融技术著称，但他坚信欧洲的潜力比人们想象的要大得多。其表示，欧洲要在以下三个方面做好准备。首先，要将人力资源和教育领域的巨大潜力转化为创新项目。其次，欧洲需要打造一个更加强大的风投资本环境。最后，欧洲要有能力将初创企业留在本国，且能在早期不被外国公司收购。
Dominique DE VILLEPIN认为，在金融技术领域，中国、欧洲和美国可以携手共建典范式项目。在促进增长方面，三方之间有着很强的互补性。美国拥有充满活力的创新生态环境，包括其具有代表性的硅谷品牌以及非常成熟的风投环境；而中国拥有良好的技术优势，得益于人工智能领域的公共项目以及可供搜集海量数据的巨大人口；欧洲也正逐渐意识到开发金融技术的必要性：监管方制定了很高的标准。
Dominique DE VILLEPIN相信，借助技术、金融和监管方面的最佳实践，各方可通过合作的形式来开展一些象征性项目：比如联合开展金融技术研究项目，它可以是一个由主流大学支持的跨境动议，并设有由中国和欧洲公司主导的具体项目，类似于金融技术丝绸之路；
其同时介绍，一些初期合作项目已开始启动：在金融技术监管方面，法国与新加坡金融与货币监管当局打造了协调框架。
在次背景下，DominiqueDE VILLEPIN提出，应当围绕三大关键原则，统筹政治和商业：主权、平衡和保护的关系，以打造可持续的金融技术环境。
首先，金融和货币主权必须成为全球金融技术的主要支柱。在谈及金融技术是否会对国家主权和经济独立性带来类似的压力时，Dominique DE VILLEPIN表示，我们必须有能力去抵御与某些加密货币或支付系统相关的治外法权风险；且需要制定一个共同的标准，防范网络攻击和网络间谍风险。
其表示，公共机构可通过结合专长、风险评估以及政治和监管举措，对主权进行保护。例如，创建三国联盟，在该架构下，欧洲央行、美联储和中国人民银行将本着尊重各自主权的原则，协调三大主要经济体的货币政策，以打造金融稳定性：
其次，我们需要建立新的全球合作框架来维护平衡和金融稳定。目前，金融技术存在两个不稳定性风险：一是不良贷款配置所带来的大规模债务，全球债务在10年中增加了70%，如今已达到170万亿美元的规模，是全球GDP的220%。国家的债务风险并没有结束，近期新兴国家所经历的各种困境便是例证。
二是金融技术还受到了技术泡沫的威胁，它可能会引发新一轮的市场崩盘，例如，加密货币的巨大波动。而金融技术的不透明度和复杂度可能会助长欺诈性操作和影子银行，Dominique DE VILLEPIN认为，这可能是中国所面临的一个大问题。
再次，我们应将金融技术当做公共事业来看待，这也有助于保护个人数据。而数据处理和保护，也将成为金融公司在新环境下的重要比较优势。欧洲的数字隐私保护在2018年迈出了重要一步，通用数据保护条例（又称为GDPR）的实施，它将在未来数年中彻底颠覆数据管理模式。
金融技术领域在三个维度上正逐渐走向成熟，DominiqueDE VILLEPIN在最后总结道。第一，我们将看到进一步的集聚：一些金融技术巨头将通过其自身的扩张或收购，成为长期的市场主导者；第二，我们会看到更紧密的整合：金融技术服务可能会与价值链上的其他服务进行更加紧密的整合；第三，我们会遇到更严格的监管：法律框架可能会更加苛刻，以限制金融风险，并保护消费者。而这些聚集、整合和监管举措的开展，需要一个稳定的合作体制。这也是唯一可以避免直接对抗的方式。
以为下发言实录：
尊敬的周书记、徐市长、波明，
女士们、先生们、朋友们，
对我来说，杭州之行一直都是一件愉快的事情。它是中国最具吸引力的城市，因其创新和创造精神而闻名。首先，请允许我感谢此次会议的组织方，将众多学识渊博、才华横溢和满怀抱负的人士汇聚在一起。我尤其要感谢此次论坛的举办方杭州市政府，以及愿意围绕金融科技这一复杂事物分享其看法的各位与会人员。
我常说，杭州已逐渐经成为了中欧友谊的象征。这座城市让我想起了我的朋友法籍华人画家赵无极。他曾向我详细地讲述了他在中国美术学院的那段时光，那是他来巴黎之前，还没有见到毕加索等国际艺术家。
杭州也是企业发展和创新的摇篮，飞速扩张的阿里巴巴便是其中的一个缩影。
很多法国公司也选择了这座城市，例如领先的小家电生产商赛博，而且其经济和金融生态环境也吸引了众多年轻企业家。
如今，在这个面临着诸多众多挑战的时代，例如债务的飙升、贸易摩擦和政治敏感问题，对智能未来的畅想有助于打破悲观主义情绪的蔓延：
- 国际货币基金组织最近发布的调查对全球经济发出了严重警告：
首先，自美国向中国商品征收2500亿美元的关税之后，商业摩擦正日益阻碍跨境贸易的增长；第二，不平等性正在全球蔓延，而新兴经济体则疲于应对债务压力和大型通胀； 第三，脱欧谈判中“无协议脱欧”的可能性可能会削弱和分化欧洲市场；
- 在这一背景下，我们需要希望和建议，而这恰好是召开此次会议的目的，即汇集各路专家和领袖，探讨技术领域的机遇和监管的重要性。
一方面，寻找并鼓励基于创新和可持续投资的新增长点比以往任何时候都更加必要； 另一方面，促成合作亦显得尤为重要，尤其是在金融领域，其目的是为了创建稳定的金融环境，避免出现新的国际危机，而就在10年前，也就是2008年，我们经历了一场浩大的金融危机。
I/ 金融技术是各国在谋求技术领域主导地位时的主战场之一
1 / 在过去10年中，数字服务已成为经济的新前沿
- 首先，互联网的崛起颠覆了经济和社会发展的可能性，并助推了金融技术的发展：
数字创新一直都是经济生产、人类教育和社会机构领域的游戏规则改变者： 在不到20年的时间中，我们看到，数字公司的扩张已经成为了经济增长的生力军，例如苹果、亚马逊、阿里巴巴还有腾讯： 所有者这些品牌通过大规模的资本化占领了市场，并借此打败了传统经济中的企业：上述四个品牌的总价值已经超过了4万亿美元。 作为对比，四大主要国际银行的总市值接近1.4万亿美元； 尽管各国互联网的普及存在差异，但数字服务如今已经遍地开花， 当然，互联网渗透率在欧美超了85%，在非洲大陆依然低于30%； 然而，2017年是数字和全球历史的一个重要转折点：能够访问互联网的全球人口数量首次超过了总人口的一半； 如今，数字经济占全球GDP的25%，并涉及我们日常生活和工作的方方面面： 销售业务的迅速数字化便说明了这一点：仅在非洲，在线商业市场便有望从当前的100亿美元增至2025年的750亿美元； 借助遍布全球的移动联网设备，众筹、转账和支付服务亦在经历这一变化：去年，全球共销售了15亿部智能手机，尤其是在中国，华为和小米这样的品牌功不可没。 数据收集和管理领域亦是如此，它对人们在广泛领域的消费方式产生了很大的影响，例如能源、健康和金融。
- 在这一背景下，金融技术成为了数字和金融经济的连接点：
在这个现金用使用频率不断降低的社会，金融技术让各个环节的服务变得更加流畅、便捷和迅速： 财富管理便是一个例子，人们在这一领域设计和采用了颠覆性的咨询方式： 金融技术在优化数据分析和配置信贷方面有着很大的潜力； 它还带来了新的科技，改善了投资领域的客户体验； 银行服务亦是如此，付款已经变得比以往更加简便和智能： 一方面，像媒体之类的非传统渠道将为信息的获取提供巨大的便利。 另一方面，散户和企业客户的银行服务价格可能会大幅降低； 金融科技还将惠及数据存储及安全：在过去三年中，我们听到了很多有关区块链的信息，它能够保障交易安全，增进信任。
2 / 但金融技术也加剧了竞争。在短短数年时间中，它已成为美中角逐全球领导地位的战场。
- 长期以来，美国公司一直在技术领域占据着主导地位，但中国迅速迎头赶上，并成为了全球金融技术领域的领导者：
一方面，GAFA（美国科技公司四巨头：谷歌、苹果、Facebook和亚马逊）已为美国保住其在金融技术方面的霸主地位提供了重要的竞争优势： 2015年，美国公司占据了近60%的全球市场，亚洲公司占据了30%，欧洲公司占据了10%； 随着Apple Pay应用的交易记录在今年突破10亿笔大关，美国公司在金融技术领域的成功是有目共睹的。就消费者对金融技术的期许而言，苹果树立了一个很好的榜样： 首先，消费者需要安全保障：苹果通过其指纹识别和面部识别满足了这一需求，并借此为其保驾护航，从而带来了品牌信任。 第二，他们需要便捷和整合：在这一领域，苹果开发了一个客户友好型服务模型，提供能够与时俱进的音乐、通话和支付服务。 另一方面，中国在大数据、人工智能、云计算和金融技术领域的大量投资逐渐让中国成为了金融技术开发领域的引擎： 2016年，中国在金融技术领域的投资比美国高出100亿美元； 如今，中国在市场上的主导地位归功于蚂蚁金服和京东金融这类数字金融霸主，同时也要感谢层出不穷的新进入者和初创企业： 他们首先在本土发展，例如保险技术公司众安，它在不到三年的时间中斩获了5亿多名客户； 在第二阶段，中国公司押注全球扩张和多元化：腾讯最近以1.8亿美元入股巴西公司NUBANK的决定便是中国公司征战金融技术行业的典型案例。
- 然而，有一个更加复杂的现象值得我们去关注，金融技术只不过是其中一部分而已。这一现象就是：主导权正逐渐从美国向中国转移：
正如我刚才所解释的那样，事实在于，中国公司是一位能够在技术领域与GAFA抗衡的对手； 然而，中国在其他很多经济领域也获得了全球性的影响力和主导权： 不妨看看中国2001年加入WTO之后在各大贸易机构中与日俱增的影响力； 不妨看看2016年人民币成为国际货币基金组织一揽子货币之后对各大金融机构的影响； 不妨看看中国为多边主义所做的不懈努力，亚投行也因此应运而生。 格拉汉姆·艾利森在其最近发表的书中提到了修昔底德陷阱，而所有这一切都成为了其真实写照。该书讲述了美中之间的竞争性质，这一理念正好描述了目前所发生的事情：对于权力渐失的美国来说，崛起中的中国成为了其挑战者： 艾利森称，这一竞争通常会导致正面对抗，正如古代斯巴达与雅典之间的斗争； 如今，我们可以闻到金融领域的一些火药味，领域涉及安全、主权和隐私问题：美国在2018年1月决定阻碍蚂蚁金服收购Moneygram公司的举措便凸显了技术战的风险。
3 / 在这一背景下，我认为欧洲在金融监管与和平合作方面也能够发挥重要的作用
- 当然，欧洲并不以金融技术而著称。然而，我坚信欧洲在这一方面的潜力比人们在某些时候想象的要大得多：
欧洲拥有强大的技术资产，能够让整个大陆加速金融技术的转型： 在排名前50的欧洲独角兽公司中，有5家是金融技术公司，例如伦敦的FUNDINGCIRCLE（一个商业信贷端对端市场），阿姆斯特丹的ADYEN，以及瑞典的KLARNA（后两家均为支付服务公司）； 在欧洲，我们还拥有强大的金融构架，以及坚实的银行机构网络，例如投资初创企业的德意志银行和巴黎国民银行； 在接下来的10年中，欧洲金融技术的发展将依赖于以下三大方面的工作： 首先，将人力资源和教育领域的巨大潜力转化为创新项目：例如，法国拥有卓越的数学和计算专业，以及理工大学和巴黎高科这样的名校，有助于促进金融技术的发展。 第二，欧洲需要打造一个更加强大的风投资本环境，从而改善集资问题并培养创新：在2018年上半年，法国金融技术公司仅筹集了2.3亿美元，还赶不上旧金山在线支付公司Stripe在9月份的筹资额度； 第三个主要方面则取决于欧洲将初创企业留在本国，且在早期不被外国公司收购的能力：确保在欧洲创建风投和创新友好型生态环境是未来增长所面临是主要挑战之一； 欧洲还拥有鼓励金融技术创新和消费者保护的法规： 今年，DSP准则在欧盟得以实施，它将打破银行对在线支付的垄断，并带来更加便宜、智能化和高效的服务：这一法规主要专注于在线交易领域的数据保护和信息安全，同时降低客户成本； 在法国，法国部长布鲁诺•勒梅尔正在围绕虚拟货币推出更加强大、更智能的法规——PACTE法案。它目前正处于国会探讨阶段，其初衷是让金融市场监管局有能力为区块链行业参与者提供质量和安全认证。
- 在金融技术领域，我坚信中国、欧洲和美国可以携手共建典范式项目：
在促进增长方面，三方之间有着很强的互补性： 美国拥有充满活力的创新生态环境，归功于其标志性的硅谷品牌以及非常成熟的风投环境； 中国拥有良好的技术优势，得益于人工智能领域的公共项目以及可供搜集海量数据的巨大人口； 欧洲自身正逐渐意识到开发金融技术的必要性：在这一方面，欧洲监管方正在迅速转变，同时创建了众多品牌，并制定了很高的标准。
借助技术、金融和监管方面的最佳实践，我深信大家可通过合作的形式来开展一些象征性项目： 可联合开展金融技术研究项目，并将其作为一个新行业，致力于改善全球商业、福祉和知识：不难想象，它将是一个由主流大学支持的跨境动议，并设有由中国和欧洲公司主导的具体项目，类似于金融技术丝绸之路； 一些初期合作项目已开始启动，例如围绕金融技术监管打造法国与新加坡金融与货币监管当局之间的协调框架； 然而，多边机构必须在金融技术合作中发挥带头作用：上周，国际货币基金组织和世界银行刚刚发布了BALI金融技术议程，以给予这方面的指导和推荐。
II/在这一背景下，打造可持续的金融技术环境意味着围绕三大关键原则来统筹政治和商业：主权、平衡和保护
1 /首先，金融和货币主权必须成为全球金融技术的主要支柱
- 随着全球相互依赖性的不断增强，我们必须确保充分尊重国家和地方的主权。金融技术即将成为各国独立性所面临的一个重大挑战，美元的霸主地位亦将受到挑战：
美元在法律和金融领域的霸主地位告诉我们，我们必须谨慎对待治外法权的风险。 在过去几年中，很多外国公司因在受制裁的地区使用美元而接到了巨额罚单：巴黎国民银行在2015年因在伊朗和古巴运营被罚款90亿美元； 如今，美国退出伊朗核协议的举措再度给欧洲公司带来了紧张情绪和风险：例如，原油公司道达尔已经退出了伊朗市场，但公司在2015年签署协议之后在伊朗投入了大量的资金。金融技术是否会对国家主权和经济独立性带来类似的压力？这个问题我们有必要认真回答和对待： 我们必须有能力去抵御与某些加密货币或支付系统相关的治外法权风险； 我们还需要制定一个共同的标准，防范网络攻击和网络间谍风险，这些风险可能威胁金融技术行业的发展。
- 我坚定地认为，公共机构可通过结合专长、风险评估以及政治和监管举措，对主权进行保护：
金融监管当局应率先前瞻性地思考未来存在的风险： 金融市场监管当局应做到这一点，因为它们管理着金融产品、基础设施和参与方，例如投资服务提供商； 各大央行亦需要做到这一点，因为央行的决策对于激励和塑造金融技术创新至关重要。我知道欧洲央行正致力于改善金融技术公司的监管，尤其是审慎标准所规定的银行牌照归属问题。 这是我们为什么需要就这一问题进行政治斡旋的原因，以避免在最终出现不好的意外结果：长期以来，我一直在呼吁创建三国联盟，从而通过协调三大主要经济体的货币政策来打造金融稳定性： 在这个架构下，欧洲央行、美联储和中国人民银行将本着尊重各自主权的原则，共同协商金融问题； 成立专注于金融技术的特别任务小组，它将释放一个强烈的信号，让人们更好地认识与金融服务简化和数字化有关的潜在风险。
2 /第二，我们需要建立新的全球合作框架来维护平衡和金融稳定
- 作为科技和金融的结合体，金融技术存在两个不稳定性风险：
首先，不良贷款配置所带来的大规模债务：请允许我造一个新词——债务技术（DebtTech），金融技术的一面是简便和迅捷，另一面便是债务技术所带来的危险： 别忘了10年前我们所经历的金融危机，它便是无限制投机和债务激增的后果； 如今，这个威胁并没有消失：相反，全球债务在10年中增加了70%，如今已达到170万亿美元的规模，是全球GDP的220%。国家的债务风险并没有结束，近期新兴国家所经历的各种困境便是例证； 第二，金融技术还受到了技术泡沫的威胁，它可能会引发新一轮的市场崩盘： 在金融市场，科技公司的市值创历史新高，这一现象让我们想起了互联网泡沫。今夏，苹果的市值刚刚突破1万亿美元大关，凸显了与科技公司市值可能的下滑有关的系统性风险； 我们在过去三年中还看到，加密货币出现了巨大的波动，例如比特币： 2015-2017年期间，其价格从160美元升至1.7万美元，涨幅达10000%； 如今，比特币的价格稳定在了6000美元左右，但我们必须把去年的疯狂势头看作是一个风险信号。请记住，加密货币的总市值已经超过了4000亿美元，且出现泡沫的危险性很高。
- 在这一方面，确保金融技术的稳定性必须被当作是一项公共事业来看待：
我们应意识到，这一新的行业，如果没有得到充分的管理，可能会带来重大金融风险： 金融技术的不透明度和复杂度可能会助长欺诈性操作和影子银行，我觉得这是中国所面临的一个大问题。 我想借此机会表扬一下中国对债务问题和金融风险的持续关注； 中国人民银行的易纲行长在推行银行监管和标准时便体现了这一点； 四月，银监会和保监会的合并产生了一个超级监管机构，该举措也体现了这一点； 但设立金融技术业务的国际标准至关重要： 首先是为了避免泡沫，并预防系统性风险； 第二是为了推广操作层面一些好的做法，例如首次代币发行； 第三是为了利用金融技术的巨大优势推动实体经济和积极增长
3 /最后，将金融技术当做公共事业来看待也有助于保护个人数据
- 我们必须确保在金融技术服务框架下保护消费者和市民的隐私及其使用数据的保密性：
我认为，数据处理和保护将成为金融公司在新环境下的重要比较优势： 一方面，消费者每天都会感受到金融技术在便利性和迅捷性方面所存在的巨大优势：以英国初创企业Revolut为例，它能够帮助客户在不到60秒的时间内开设一个活期账户； 另一方面，市民越来越看重其身份所包含的一些数据：满足那些不断增加的安全和隐私需求将成为公司所面临的巨大挑战； 欧洲的数字隐私保护在2018年迈出了重要一步：你可能已经听说了通用数据保护条例（又称为GDPR）的实施，它将在未来数年中彻底颠覆数据管理模式： 首先，如今搜集和处理所存储的任何用于营销、商业和金融目的的数据都必须征得客户的同意； 第二，数字公司，尤其是金融技术公司，必须通过解释其数据搜集目的，来提升其透明度，并允许消费者在提出要求后索回其数据； 第三，违反这一新规的公司将受到处罚，以加速向注重保密、自由和隐私的社会转型。
- 在国外与领导人和企业家的交流时，我发现人们对欧洲GDPR法规非常感兴趣：
中国存在这样的问题，对于这个拥有7亿网络用户的国家来说，网络安全和数据保护已经成为了人们关注的重点：去年，在乌镇举行的世界互联网大会上，我发现欧洲和中国在规范网络空间领域有着很多共同的愿景； 美国亦是如此，美国多个州，例如纽约和加州，都在讨论类似于GDPR的立法，该立法可能会对金融技术行业产生重大影响。
女士们、先生们，
金融技术的发展历程在很大程度上一直都是面向消费者和金融业务经营者，大踏步向未知领域迈进。如今，这个年轻、充满希望的行业正走向成熟，同时也面临着巨大的挑战。
在业务模式上不断妥协的传统银行应重塑自身业务。例如，高盛与其他众多银行一样，在开发其自有的应用Simon之前，一直都在不断加大对金融技术初创企业领域的投资。
如今，我认为金融技术领域将逐渐走向成熟，依据的是三个重要变化：
- 首先，进一步的集聚：我们将看到，一些金融技术巨头将通过其自身的扩张或收购，成为长期的市场主导者；
-第二，更紧密的整合：金融技术服务可能会与价值链上的其他服务进行更加紧密的整合，例如从设备到支付流程；
-第三，更严格的监管：法律框架可能会更加苛刻，以限制金融风险，并保护消费者。
但上述聚集、整合和监管举措的开展需要一个稳定的合作体制。这是唯一可以避免直接对抗的方式，而且在这个全球化的世界中，直接对抗将是一个零和博弈。
非常感谢。
Dear PartySecretary, Mr Zhou
Dear Mayor,Mr XU,
Dear Boming
Ladies and gentlemen,
Dear Friends,
It’s always a great pleasure to be here, in HANGZHOU,oneof the most attractive areas of China, known for its spirit of innovation andcreativity. Let me first pay tribute to those who took part in the organizationof this meeting bringing together people of knowledge, expertise and vision.I’d like to thank in particular the Municipal People’s Government hosting thisforum and all the attendees willing to share ideas on the complex matter ofFinTech.
I always like to say that HANGZHOU has become overtime a symbol of Chinese-European friendship. This town always reminds me of myfriend, the French-Chinese painter ZAO Wùji, who told me a lot about the timehe spent here, at the China Academy of Art, before joining PARIS where he metwith international artists like PICASSO.
But HANGZHOU is also a place of growth and innovationaswitnessed by the rapid expansion of ALIBABA.
Many French companies have also chosen this town like theleading group SEB, manufacturing small appliances, and young entrepreneurs attractedby its economic and financial ecosystem.
Today, in a world facing major challenges like soaringdebt, trade confrontation and political vulnerability, imagining a smart futurecan help break up the negative spiral of pessimism:
- The studyrecently released by the IMF has been very alarming about global economy:
First,commercial tensions are increasingly challenging cross-border growth after theUSA rose tariffs on 250 billion Chinese goods; Second,inequalities are expanding globally while emerging countries are going throughdebt pressures and big inflation; Third, theno-deal option in the Brexit negotiations could lead to weaken and fragment theEuropean market;
- In thiscontext, we need hopes and propositions. That’s precisely the aim of such aconference, gathering experts and leaders, to explore the opportunities of Techand the importance of regulation:
On the onehand, it’s ever more necessary to find and encourage new levers of growth basedon innovation and sustainable investment; On the otherhand, it is crucial to foster cooperation, especially in financial activities,to build stability and avoid a new international crisis, ten years after the financialcollapse of 2008.
I / FinTech isone ofthe main battlegrounds of powers in search of financial and technologicalhegemony
1 / Over the last decade, digital serviceshave become anew frontier of economy
- First of all, FinTech has been facilitated by the riseof Internet which revolutionized economic and social possibilities:
Digitalinnovation has been a game-changer in economic production, human education andsocial organizations: In less than twentyyears, we have witnessed the expansion of digital companies playing leading role in growth: APPLE, AMAZON ALIBABA or TENCENT: All these brands dominate the market through massivecapitalizations beating the ones of traditional economy: the total value of thefour companies I just mentioned is over 4,000 billion dollars; By contrast, the cumulated market cap of the fourmajor global banks totalize nearly 1,400 billion dollars; Digitalservices are now everywhere despite strong disparities in the Internet access: Of course, the penetration rate is over 85 % in Europeand the USA while remaining lower than 30 % on the African continent; But 2017 has been a major turning point in digital andglobal history: for the first time, more than a half of the worldwidepopulation has gained access to the Internet; Today, digitaleconomy represents around 25 % of global GDP while impacting every segment ofour daily and professional lives: It’s true intrade with the rapiddigitalization of sales: only in Africa, the market ofonline business could increase from 10 billion today to 75 billion dollars by2025; It’s true in crowdfunding,money transfer and payment services with the rise of internet mobiles allacross the world: last year, 1.5 billion smartphones have been sold globally,especially in China thanks to brands like HUAWEI and XIAOMI; It’s also truein data collection and management that has strongly impacted our ways of consumingin many sectors like energy, health and finance.
- In this context, FinTech has emerged at the crossroadsof digital and financial economy:
In a societywhere cash tends to be less and less used, FinTech has provided people withsmoother, easier and faster services in various processes: We see that inwealth management where disruptive methods of advice have been designed andimplemented: FinTech has a very high potential to optimize dataanalytics and allocate credits; It has also led to new technology to improve thecustomer experience in investment; We see thatinbanking services where payment has become ever more simple and smart: On the one hand, access to information is massivelyfacilitated via non-traditional channels like media;
On the other hand, the price of banking services toretail consumers and business can be significantly reduced; The benefit ofFinTech is also tangible in data storage and security: over the last threeyears, we heard a lot about the blockchains as a way to secure transactions andimprove trust.
2 / But FinTech is also heighteningcompetition. In afew years, it has become a groundof US-Chinese rivalry for global leadership
- Technology has long been dominated by Americancompanies, but China rapidly filled the gap to become a global leader ofFinTech:
On the oneside, the GAFA has given the USA a major competitive advantage to ensurehegemony in FinTech: In 2015, theUS companies dominated almost 60 % of the global market, against 30 % for Asiaand 10 % for Europe; US companies have obviously achieved strong successes in FinTech such asthe APPLE PAY service registering over 1 billion transactionsthis year. APPLE is a good example of consumers’ expectations regardingFinTech: First, they need security: that’s what APPLE is ableto offer and guarantee with Touch ID and Face ID creating trust towards thebrand; Second, they need facility and integration: hereagain, APPLE developed a model of customer-friendly services providing music,phone and payment with the capacity to adapt over time. One the otherside, massive investment of China in big data, AI, cloud computing andfinancial technology has gradually positioned the country as a motor of FinTechdevelopment: In 2016,investment in FinTech has been higher in China than in the USA with more than10 billion dollars; Today, Chinadominates the market thanks to digital champions like ANT FINANCIAL andJD.FINANCE, but also through a dynamic network of new entrants and start-ups: They first develop locally as shown BY the InsurTechcompany ZHONG AN with more than 500 million clients in less than three years; In a second phase, Chinese companies bet on globalexpansion and diversification: the recent decision of TENCENT to buy a stake of180 million dollars in the Brazilian company NUBANK is characteristic of theChinese conquest of FinTech.
- But FinTech is only part of a more complex phenomenonwe need to be aware of: it’s highlighting the gradual shift of power from theUSA to China:
As I justexplained, it’s true in technology where Chinese companies are the only ones able to compete with the GAFA; But it’s alsotrue in many other economic areas providing China with global influence andleadership: Look at thetrade institutions where the weight of China has been ever more important sincethe entry into the WTO in 2001; Look at thefinancial institutions with the integration of the Renminbi in the currencybasket of the IMF in 2016; Look at thegrowing commitment of China in multilateralism with the creation of the AIIB. All thisexemplifies the THUCYDIDES’ trap described by Graham ALLISON in a recent book aboutthe nature of the US-Chinese competition: this concept refers to the verymoment where a declining power like the USA meets with the rising power of achallenger like China: According toALLISON, this competition usually leads to direct confrontation as was the casebetween Sparta and Athens in ancient times; Today, we canobserve some signs of tension in the FinTech sector around security,sovereignty and privacy concerns: in January 2018, the US decision to block theacquisition of the company MONEYGRAM by ANT FINANCIAL underlines the risk of atechnological war.
3 / Against such a background, my conviction is thatEurope has also a major role to play in financial regulation and peacefulcooperation
- Of course, Europe is not known for FinTech. However, Ido believe the European potential is far bigger than sometimes imagined:
Europe hasstrong technological assets enabling the continent to accelerate the FinTechtransition: In the top 50of European unicorns, there are five FinTech companies like the LONDON-basedFUNDING CIRCLE, which is a peer-to-peer market place for business credits, theAMSTERDAM-located ADYEN or the Swedish KLARNA, which both provide paymentservices; In Europe, wealso have strong financial structure with a network of solid bankinginstitutions like DEUTSCHE BANK or BNP PARIBAS investing in start-ups; In the comingdecade, the development of European FinTech will depend on three major aspects: First, the capacity to convert the high potential ofhuman resources and education into innovative projects: France, for example,has excellent programs of mathematics and computing as well as renowned schoolslike POLYTECHNIQUE and ParisTECH to boost the FinTech development Second, Europe needs to build a stronger Venturecapital environment to improve fundraising and foster innovation: in the first halfof 2018, French FinTech companies only raised 230 million dollars, which isless than the fundraising achieved in September by the online payment companySTRIPE, based in SAN FRANCISCO; The third key will lie in the European ability to keepstart-ups nationally by avoiding early transfer to foreign companies: ensuringa VC and innovation-friendly ecosystem in Europe is one of the main challengesfor the future of growth; Europe hasalso legal standards encouraging both FinTech innovation and consumers’protection: This year, theDSP directive implemented in the EU will break the Banks’ monopoly on onlinepayment and lead to cheaper, smarter and more efficient services: thisregulation mainly focuses on protecting data and securing information in theframe of online transactions while reducing the cost for clients; In France, theFinance Minister Bruno LE MAIRE is pushing for a stronger and smarterregulation on cryptocurrencies: the law PACTE, which iscurrently discussed at the Parliament, plans to enable the Financial MarketAuthority to deliver a quality and security certification to the blockchain’splayers.
- In FinTech, I am convinced that China, Europe and theUSA can join their hands to master exemplary projects:
There is ahigh complementarity between these three pillars of growth: The USA have adynamic ecosystem of innovation driven by iconic brands of the SILLICON VALLEY anda very mature VC environment; China has agreat technological advance supported by public programs in AI and a hugepopulation allowing the collection of massive data; Europe, on itsside, is increasingly aware of the necessity to develop FinTech: in thisrespect, European regulation is changing very fast with the creation of labelsand high standards. Based ontechnological, financial and regulatory best practices, I do believe acooperative approach can be implemented in some emblematic initiatives: Researchprograms can be jointly implemented in FinTech as a new industry improvingglobal business, well-being and knowledge: we could imagine cross-border initiativessupported by major universities as well as specific projects like a FinTechSilk Road led by companies from China and Europe; Somepreliminary projects of cooperation have already been initiated like thecreation of a coordination framework between French and Singaporean financialand monetary authorities concerning FinTech regulation; But multilateralinstitutions must also be at the forefront of FinTech cooperation: last week, theIMF and the World Bank have just announced the BALI FinTech agenda to giveguidance and recommendations
II / In such acontext, building a sustainable FinTech environment means uniting politics andbusiness around three key principles: sovereignty, balance and protection
1 / First, financial and monetary sovereignty must bea major pillar of global FinTech
- In a world of growing interdependencies, we must makesure that sovereignty is fully respected nationally and locally. FinTech is onthe verge of becoming a major challenge for States independence as was the casewith the dollar’s supremacy:
The legal andfinancial dominance of the US currency told us we have to be careful about therisk of extraterritoriality: Over the lastyears, many foreign companies have been facing big fines due to the use ofdollars in regions that were under sanction: remember the 9 billion dollarsfine imposed to the bank BNP PARIBAS in 2015 because of operations in Iran andCuba; Today, the USwithdrawal from the nuclear deal in Iran is reviving tensions and risks forEuropean firms: it is for example the case for the oil company TOTAL whichalready pulled out from the market despite high investment in Iran after theagreement of 2015; Will FinTechcreate such pressures on national sovereignty and economic independence? That’sa question we need to ask and address seriously: We needguarantees against the risk of extraterritoriality associated to somecryptocurrencies or payment systems; We also needcommon standards of protection against the risk of cyberattacks andcyber-spying that could dangerously affect the FinTech industry
- I firmly think that sovereignty can be protected bypublic institutions gathering expertise, risk assessment as well as politicaland regulatory response:
Financial authoritiesmust take the lead of proactive thinking about the risk of tomorrow: It’s true forFinancial Market Authorities which rule financial products, infrastructures andplayers like investment service providers; It’s also truefor central banks whose choices will be decisive to stimulate and frame FinTechinnovation. I know that the European Central Bank is committed to improvingsupervision on FinTech companies, especially regarding the attribution ofbanking licenses depending on prudential standards; That’s why weneed political coordination on this matter to avoid any bad surprises at theend of the day: I have long been calling for the creation of a G3 building upfinancial stability by coordinating the monetary policies of the three mainpowers: This structurewould bring together the ECB, the Federal Reserve and the People’s Bank ofChina jointly to discuss financial issues while respecting the sovereignty ofeach institution; A specifictask force focused on FinTech would be a strong signal of better awarenessabout the underlying risk related to the simplification and digitalization offinancial services.
2 / Second, we need new frames of global cooperationto guarantee balance and financial stability
- As a combination of tech and finance, FinTech isexposed to a double risk of instability:
First, therisk of massive debt fuelled by the allocation of bad loans: if you allow me tocreate a new word, I would say that the danger of DebtTech is the other side ofsimplicity and rapidity offered by FinTech: Never forgetthe big collapse we faced ten years ago was the consequence of unlimited speculationand debt increase; Today, thisthreat is not behind us: on the contrary, global debt has increased by 70 % inten years, reaching around 170,000 billion dollars today and more than 220 % ofglobal GDP. State vulnerabilities to debt is not over as recently shown by thedifficulties emerging countries are confronted with; Second,FinTech is also threatened by the tech bubble which could escalate into a new marketcrash: On financialmarkets, tech companies are reaching unprecedented valuation reminding us ofthe Internet bubble. This summer, the market cap of APPLE has just exceeded 1trillion dollars of market cap, highlighting the systemic risk associated witha potential decline of Tech companies; Over the threelast years, we also witnessed the dramatic volatility of cryptocurrencies suchas the BITCOIN: Between 2015 and 2017, its value rose from 160 to17,000 dollars with a 10,000 % increase; Today, the BITCOIN value has stabilized around 6,000dollars, but the crazy trend of last year must be seen as a signal of risk.Let’s keep in mind that the total capitalization of cryptocurrencies is over400 billion dollars with a high danger of bubble.
- In this respect, ensuring FinTech stability must beconsidered as a public common good:
We need to beaware that this new industry, if not thoroughly managed, can generate major financialrisk: Opacity andcomplexity of FinTech can increase fraudulent operations and shadow bankingwhich I know is a big concern in China; Let me takethis opportunity to praise the constant awareness in China about the debt issueand financial risk; We have seen that in the reinforcement of bankingregulation and standards pushed forward by Chairman YI Gangat the People’s Bank of China; We’ve also seen that recently with the creation, inlast April, of a super regulator based on the merger of banking and insuranceregulation commission; But it isdecisive to set international standards on FinTech businesses: First, toavoid bubbles and prevent systemic risk; Second, togeneralize good practices in operations like ICOs; Third, toconnect the huge advantage of FinTech with real economy and positive growth.
3 / Last but not least, focusing FinTech on commongood is also about protecting personal data
- Consumers and citizens must be given guarantees on theprivacy and confidentiality of data used in the frame of FinTech services:
My convictionis that data treatment and protection will be a key comparative advantage inthe new environment of FinTech companies: On the onehand, consumers can feel every day the great advantage of FinTech in terms offacility and rapidity: let me mention the example of the British start-up REVOLUThelping clients to open a current account in less than 60 seconds; On the otherside, citizens are more and more careful about their data that are part oftheir own identity: meeting the demand of those who want more security andprivacy will be a great challenge; In Europe,2018 has been a major step forward for digital privacy: you may have heardabout the implementation of the General Data Protection Regulation – known asGDPR – which will completely overhaul the data management in the coming years: First, theconsent of clients is now crucial to collect and process data stored for anymarketing, commercial and financial purpose; Second,digital companies, and in particular FinTech, will have to improve transparencyby explaining the aims of data collection and letting consumers take back theirdata on request; Third, sanctionshave been created for companies violating this new regulation in order toaccelerate the transition towards more confidentiality, freedom and privacy.
- Inall thediscussions I had abroadwith leadersand entrepreneurs, I have witnessed a real interest for the European regulationof the GDPR:
It’s true inChina where cybersecurity and data protection are major concerns in a countryof more than 700 million web users: last year, during the World Internet Forumin WUZHEN, I had the occasion to observe many common aspirations of both Europeand China in regulating the cyberspace; It’s also truein the USA where some States like NEW YORK and CALIFORNIA are discussing alegislation similar to the GDPR that could strongly impact the FinTechindustry.
Ladies and gentlemen,
The development of FinTech has been a great leap intothe unknown for consumers and financial operators to a massive extent. Now,it’s a young and promising business moving to maturity but facing significantchallenges.
Traditional banks have seen their business modelcompromised and have faced the necessity to reinvent themselves. As example,GOLDMAN SACHS has been increasingly investing in FinTech start-ups beforedeveloping its own App SIMON, like many other banks.
Today, I think the FinTech sector will graduallyevolve towards maturity based on three key changes:
- First, furtherconcentration: we can assume some big giants of FinTech will dominate themarket in the long run, either through their own expansion or throughacquisition;
- Second,stronger integration: FinTech services could become ever more integrated withother services along the value chain, for example from device to the paymentprocess;
- Third, higher regulation: legal frameworks will probably tend to be more demanding tolimit financial risk and protect consumers.
But concentration, integration and regulation need tooccur in a stable and cooperative system. This is the only way of avoiding adirect confrontation that would be a zero-sum game in a globalized world.
Thank you very much.
