Yesterday over 1000 people attended the 4th annual Fintech R:Evolution. It was the culmination of 10 France Fintech Days. My take away was that MEANING must be given to technologies and to actions. Acting for good and for people.
When talking about AI, if we are to avoid falling into the trap of tech for tech’s sake, or just to follow a trend, we must first ask ourselves “What problem are we trying to solve?”
Other questions revolved around the actors and the risks some of them pose. Fintech is not solely composed of startups; there is also the ambitious GAFA or “Big Four”. What are the chances of Facebook and FB Coin replacing the state or states with their monetary dominance? The Big Four pose a very real threat to states when it comes to currency management.
For Cédric Villani, France has an important role to play in Fintech. Technology, the environment and Brexit are the three factors that make Paris an important financial centre. But here too, in all three cases, you have to give it meaning.
Another thing I took away from the sessions is that for good, for people and financial ambition must not be set up in opposition to each other. Funds are a lever and a source of value creation. For example, Sofia Hmich, the founder of Future Positive Capital, presented her fund which is dedicated to deep innovation for the climate … for good is not just a marketing label. The product or service must be designated for good and thus offer a long-term benefit.
In conclusion, if France wishes to secure the viability of French startups, it needs to improve the seed funding and follow-up financing stages. France may be the leader of Fintech creation, but it is also the leader in failed startups …
