Although the European Union is a single market financially speaking, there are still many differences on the national level when it comes to regulations for banks and fintech companies. As a result, Europe still has a long way to go before it can expect further fintech success. Joost Walgemoed, CEO of Blanco, is calling for change. If fintech companies and banks make their voices heard and work more together, and if the EU starts living up to its responsibilities, then Europe could become much more competitive in the field of fintech.
Gold-plating and different legal interpretations
In financial terms, the European market is a single block: It is possible and increasingly easy to exchange financial resources across national boundaries within the EU. More and more regulations are being created on the EU level as well. Yet on the member-state level, there are still many differences in the way banks and fintech companies are regulated. There are various reasons for this, and each of those problems must be addressed.