Accountancy Europe has responded to the European Commission’s consultation on a new digital finance strategy for Europe/FinTech action plan.
In our view, the following are four main obstacles to fully reap the opportunities of innovative technologies in Europe.
Firstly, there are different stages of advancement in Member States, both in terms of technology usage and in terms of innovation. Some Member States are advanced in this agenda, while others are lagging.
Secondly, there is unequal access and exposure to innovative solutions among Member States.
Thirdly, political, university and enterprise landscapes across Europe are currently not set up to promote, identify and grow innovative solutions in an aligned and structured manner (unlike in China or the US where the three domains work hand in hand to grow innovative solutions).
Finally, there are many innovative technologies emerging; given a broad landscape of digital tools available it can become overwhelming to make informed choices. The impact of a technology is not known in advance, therefore guidance to prioritise is missing. One must choose wisely with scarce resources.
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