Paris Looks to Oust London as FinTech Hub

Paris has recently demonstrated that it can keep up with the big guys and could prove a threat to London’s status as lead FinTech hub.

Earlier this week Paris hosted its Paris Fintech Forum, which saw over 1,500 bankers, investors, and entrepreneurs gathering to discuss the potential of FinTech in France.

Tripling its turnout compared to last year’s event, it looks as though Paris is taking advantage of U.K.’s recent Brexit vote – and Britain’s Supreme Court ruling stating that Prime Minister Theresa May needs MP votes to trigger Article 50 – and are increasing pressure within the industry.

In a report from Bloomberg, over the last few years FinTech in Paris has run into diminished financing in addition to a more constrained business environment.

Francois Villeroy de Galhau, Bank of France Governor, is reported as saying that you wouldn’t have imagined a central banker speaking at a forum on innovation a few years ago.

He said:

For banks and insurers, the digital revolution is upsetting the traditional model for client relations [and] there are difficult

Read more ... source: CryptoCoinsNews

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