Two years after its foundation, the Fintech Council (known in German as the FinTechRat) convened for the first time with its new members on 21 March 2019. The meeting took place at the German Ministry of Finance. The Council elected a new chair, digital expert Chris Bartz, who will serve as the Fintech Council’s public face and represent the Council in dealings with the German government.
State secretary Dr Jörg Kukies praised the Fintech Council’s work: “This Council has a very important responsibility: If we are to rise to the opportunities and challenges presented by the digital revolution, we vitally need there to be a spirit of trust and constructive dialogue between politics, industry and research.”
At the meeting, the Council also adopted a position paper on financial service providers’ use of cloud computing. Furthermore, the Council members discussed a roadmap for fintech in the context of the upcoming European elections and talked about the key-issues paper on electronic securities published jointly by the Finance Ministry and the Justice Ministry.
The Fintech Council was established on 22 March 2017 at the German Ministry of Finance. It is currently made up of 29 members, who are experts in questions of digital technology and how it impacts the financial market. These experts advise the Ministry and the German government on a voluntary basis, providing input on subjects including artificial intelligence, cloud computing, blockchain and data protection. The Fintech Council will continue to convene at least twice a year at the Finance Ministry. The Fintech Council creates a dialogue that is grounded in the practical realities, thus contributing to a better understanding of technological developments and the potential, the opportunities and the risks that they open up. In this, the Council ultimately helps boost Germany’s standing as a financial location.