The introduction of the fintech (companies of financial technology) is taking place at a great speed in our country although at a rate lower than the United Kingdom and Germany. It is observed in the everyday activities. Cash payments, for example, fall rapidly while increasing the use of electronic money.
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The changes affect the basis of the financial system. The emergence of tech giants like Google, Apple or Facebook is concerned about the traditional banking system. The banks, however, instead of casting new actors as a threat, have chosen to collaborate with them. A report from KPMG reveals that 26% of banks has already been associated with any of the tech giants and another 27% plan to do so next year.
The transformation in technology with its numerous advantages is relentless and does not seem to find the lace appropriate technician is going to be a problem. The real challenge lies in ensuring that these technological changes (new systems, payments, virtual currencies, blockchain, robots or big data) preserve the rights of the citizens.
The magistrate Francisco González de Audicana, has made a valuable effort to analyze all of these innovations from a legal point of view in The Fintech B2C. Practical analysis and legal (HOLD). González de Audicana points out that Europe has already taken a clear position of protection of the user unlike the major global markets, in reference to China and the united States.
The magistrate confessed “supporter of this sector is tightly regulated, constrained, which gives greater transparency to the service offered by the fintech, before a freedom in the exercise of the functions, which without doubt would have in a negative way on the rights of the user”. González de Audicana indicates that this is the path followed by France, with the plan We Agreed upon, of April 2019. And points out that this country intends to lead the European Union, “strengthening the fintech and its competition, not to forget, the end economic the european of protection of the interests of consumers to be protected constantly by the Court of Justice of the European Union”.
On this matter, the Economic Magazine of Catalunya has devoted a special number to the digital Economy, coordinated by Néstor Duch-Brown, that examines the progress made in France in this field. The publication interview with Yassine Lefouili, director of the digital center of the Toulouse School of Economics (TSE), which explains that one of their research programmes refers to the artificial intelligence and the society. According to Lefouili the purpose is “to examine the interdependencies moral and economic-that arise from the introduction of artificial intelligence in areas of high relevance such as health, justice, finance, and transportation.” It is essential that the reflections of legal scholars and scientists on the impact of technological innovations on the rights of users to materialize in line with european standards.
