“The geopolitics of digital financial technologies: A chance for Europe?”, Brigitte Dekker, Maaike Okano-Heijmans, Arief Hühn and Pim Korsten (Clingendael Institute, The Netherlands)

The development and adoption of digital financial technology (fintech) has experienced immense growth in the last five years, especially during the COVID-19 pandemic. Today, competition between fintech companies and traditional financial banks is intensifying in the European Union. Simultaneously, two trends are disrupting the financial industry: the first, in which foreign Big Tech players such as Amazon, Google and Alibaba are encapsulating numerous fintech applications; and the second, of decentralized finance (DeFi), wherein technology innovators are building a radically new, global and open-source infrastructure as an alternative to our financial system.

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