Digital technologies are spreading rapidly in the financial sector. Innovations in information and communications technology are enabling new types of business models, transforming value chains and creating new distribution channels for financial services. This is leading to both opportunities and challenges for society, politics and business.
The Federal Ministry of Finance wants to monitor and support these developments with input from experts. For this reason, it has now launched the Fintech Council (known in German as the FinTechRat). The Fintech Council will advise the ministry on issues relating to digital financial technology, particularly with regard to the potential, opportunities and risks of technological developments.
The first meeting of the Council took place on 22 March 2017 and was chaired by Jens Spahn, Parliamentary State Secretary at the Federal Ministry of Finance.
Commenting on the launch, State Secretary Spahn said:
The Fintech Council enhances the dialogue between industry, research and politics on practical aspects of the digital financial sector and will help to further improve the conditions in this sector. It represents an additional step towards establishing Germany as the EU’s number one fintech hub.
The Fintech Council currently comprises 20 members, including representatives of fintech companies, banks and insurance firms, as well as researchers investigating the use of digital technology in the financial sector. The Fintech Council’s work will be supplemented by the work of supervisory bodies and ministries. The members of the Council will hold their positions in an honorary capacity and without remuneration.