Good morning, everyone.
Thank you for inviting me to speak today.
Due to commitments related to the Commissions agenda, I couldnt be there in person, but Im glad to participate.
Your impressive lineup of speakers and topics makes me envious to miss such an event.
Im encouraged by the focus on AI, data sharing, and tokenization, which are pivotal for change in financial services.
Today, Ill discuss AI, data sharing, distributed ledger technology, and tokenization, which hold transformative potential.
Additionally, I will address our rules on crypto assets and digital resilience.
As we start my mandate, let me introduce myself briefly.
I am an economist with experience in both public and private sectors, providing a unique perspective on challenges and opportunities.
As Commissioner, I intend to listen and learn, leveraging my experience for progress.
Digital finance is crucial for advancements in the industry.
Technological advancements like AI and blockchain are revolutionizing the industry.
They offer tailored services, efficiencies, and new business models.
Digitalization is key for the Savings and Investments Union and a competitive European economy.
AI, for example, is reshaping financial services, offering fraud detection, risk management, and personalized advice.
Consumers gain control over finances through AI-driven budgeting and investment tools.
As AI usage expands, processes will streamline, driving efficiencies.
It simplifies compliance, reducing innovation barriers.
With new technology come risks, but risks drive evolution.
The AI Act ensures risk management as AI advances.
We may need to issue guidance on managing specific AI risks.
AI is evolving, and we should embrace its transformative potential.
Open finance is another area with great potential, empowering consumer control over financial data.
Our FIDA proposal ensures full user control over financial data sharing.
It already brings innovation in payments and should extend to other areas.
We aim for swift FIDA agreement with Council and Parliament.
Open finance will offer personalized advice and greater transparency.
DLT is less visible but equally transformative, reshaping financial markets and infrastructure.
The EU leads with a pilot regulatory regime for DLT in financial markets.
Our pilot attracts interest from private sector participants.
Institutions are innovating with digital, tokenized securities.
Were exploring tokenization to align policies with market needs.
Tokenization will be a cornerstone of our digital finance agenda.
The EU leads in forward-looking regulation, a source of pride.
We reflect on the 2020 Digital Finance Strategy and rules on crypto assets and digital resilience.
Our rules support safe digital transformation.
Looking ahead, oversight frameworks and cooperation among supervisors are crucial.
We monitor the rapidly growing crypto market for robustness and investor protection.
Well report on crypto market developments soon.
Investment is also key, as highlighted in our Political Guidelines.
We aim for a comprehensive investment ecosystem in Europe.
We need to derisk private capital and foster growth in Europe.
Technological advancements stem from bold ideas and innovation spirit.
My priority is unlocking private capital for innovative companies.
Success requires collaboration between industry and policymakers.
I look forward to working with you on digital finance opportunities and challenges.
Thank you, and I wish you a productive day.