In a recently-published transcript of a speech given at the FinTech Forum in Paris last month, French central bank Governor Francois Villeroy de Galhau signaled that the Banque de France is seeking greater collaboration with FinTech startups focused on blockchain technology. In the speech, de Galhau revealed that the central bank intends to open a new lab to strengthen its partnership with those blockchain firms and facilitate its broader goal of encouraging more FinTech innovation across France.
After reminding the gathered attendees that “there can be no lasting growth without a rise in productivity; and there can be no productivity without innovation and its diffusion,” de Galhau suggested that the FinTech innovators at the Forum were evidence that any worries about French economic “stagnation” were overblown.
He did, however, emphasize that increased innovation spread out across the broader economy was essential to maintaining France’s economic growth and competitiveness:
“The digitalisation of the financial sector can accelerate this positive process: it helps to disseminate technological advances such as electronic signatures, solutions to defend against cyber-attacks or distributed ledger technologies. Innovative and secure payment solutions, such as tomorrow’s blockchains, are also helping to speed up the development of e-commerce and modernise physical trade.”