“The FinTech firms are not about to kill off banks, but they will reshape finance,” declared Günther Oettinger, EU Commissioner for Digital Economy and Society, speaking at the Frankfurt Finance Summit. He explained that the job of regulators is not to stymie the young financial technology companies, but rather to create room for innovation. “The time is right for an open dialogue on digital transformation,” expressed Oettinger. He further outlined the importance of created the Digital Single Market.
Watch the video of Commissioner Oettinger’s keynote below.