The Chair of European Securities and Markets Authority (ESMA) and the first chair of authority well-known for his leadership quality and technical guidance- Steven Maijoor delivered the keynotes at the Annual Fintech Conference held in Brussels on March 3rd.
Mr.Maijoor spoke on various aspects of the fintech industry, being laser-focused on large companies that have an established technology platform or more and how prominent their role is in terms of potential growth, the new and upcoming trends, what challenges are being faced by them and diligently being tackled by these Big Fintech. He also spoke about the Distributed Ledger Technology (DTL), which is a consensus of digital data that is shared, replicated and synchronized geographically across multiple countries, institutions and sites without any central administrator or a central data storage.
Mr.Maijoor’s speech also included how the regulators need a coordinated approach for global stablecoins- a cryptocurrency that is designed to minimize the friction and volatility in terms of the price. He specifically spoke about the impact of BigTechs in the fintech industry and how they not only bring benefits but also risks. Their business model is data-based and is a little alarming when it comes to privacy and price-discrimination. This raises concerns around the fact that in the long-run it can affect competition, market and consumers.
A rise in the demand for personalized fintech services has been witnessed in recent times, which has led to the BigTech firms in making arrangements for the provision of the same. Now, these companies need to invest their financial and technological resources to mitigate the risks and increase privacy. Some of them are already working on it. Fintecbuzz.com has relevant information about it available on their site. It has a collection of data and news which covers everything in the fintech industry.
