Good afternoon, ladies and gentlemen,
It’s a pleasure to be here in Luxembourg, a country that understands the strategic importance of finance and technology. This is an ideal setting for discussing how innovation can create a more inclusive future.
The past two days of discussions have shown how quickly the digital landscape is changing. I already wonder what will be at the center of our discussions next year.
As the European Commissioner for Financial Services and the Savings and Investments Union, I recognize the urgent need for investment in Europes digital capabilities. For me, investing in innovation is the foundation of a stronger, more competitive European economy.
However, as many in the venture capital community know, innovation requires financing and the right conditions to thrive.
We cannot afford complacency in digital finance. This sector is continuously evolving. Yet, too many financial institutions, large and small, are hindered by outdated systems, fragmented markets, and risk-averse attitudes. This cannot continue.
We need a European financial sector that is digital-first, data-smart, and AI-ready.
Let me highlight three key areas where we are working to realize this ambition.
First – the foundations: data, infrastructure, and the Savings and Investments Union.
We are advancing rules and strategies to bring more retail investors into the financial system and make European capital markets more integrated, deeper, and accessible to all citizens.
These markets will thrive only if they are efficient and operate digitally. That’s why we are advocating for future-proof rules and encouraging the use of emerging technologies. For example, the EU has implemented a pilot regime for distributed ledger technologies, facilitating the issuance, trading, and settlement of tokenized securities.
My priority is to ensure citizens can access a wider range of high-quality financial services and investment opportunities. New players are entering the financial system, leveraging technology to offer innovative, user-friendly solutions. The strong uptake indicates how much these services resonate with people. Increased competition and collaboration within the financial sector mean more choice and lower costs for consumers. This is the progress that digital innovation can deliver.
We are now finalizing the rules to bring Europe’s financial sector fully into the digital age. At the core is the Financial Data Access Regulation (FiDA), which will establish a secure and open framework for customer data access. This will pave the way for more innovation, competition, and better services for consumers.
For the AI and tech community, the message is clear: more high-quality data will be available, and demand for data-driven solutions will grow. We are laying the groundwork for AI and digital innovation to thrive responsibly in the financial sector.
Our proposal has faced strong criticism, primarily from sector incumbents. We understand their concerns and are proposing to further simplify the framework. However, FiDA must be implemented in an ambitious form that allows consumers to control their data and promotes innovation and competition. Thus, I count on your support to achieve these goals.
Second – AI itself.
The EUs AI Act is the world’s first comprehensive legal framework for artificial intelligence, setting clear rules to address potential risks to health, safety, and fundamental rights. These ambitious measures are essential to ensure AI serves society responsibly and ethically.
Our goal with this framework is to provide greater legal certainty and foster public trust, both crucial for encouraging investment and wider adoption. Our focus now is on implementation, ensuring the rules are clear, proportionate, and accessible to all, from developers to end-users.
In the EU, we actively encourage innovation. This April, the Commission launched the AI Continent Action Plan to position Europe as a global leader in AI. We recognize AIs transformative potential across our continent and are committed to ensuring its benefits reach all sectors of the economy, including finance.
The plan outlines concrete measures to develop large-scale AI data and computing infrastructures, improve access to high-quality data, promote AI adoption in strategic sectors, strengthen Europe’s skills and talent base, and support effective implementation of the AI Act.
We are closely monitoring AI developments in the market. Generative AI, large language models, and autonomous trading tools are already well-established in the EU, influencing decisions, investment strategies, and market dynamics.
We are engaging with industry stakeholders to deepen our understanding of AI applications, associated risks, and their impact on competition within the financial system.
We want to hear from you because effective policy must keep pace with innovation and reflect real-world developments.
Third – competitiveness and competition.
We need open markets, open standards, and open minds.
This means fostering competition and collaboration between established players and emerging innovators. It means supporting those who take smart, responsible risks and placing innovation at the heart of Europe’s competitiveness agenda.
We cannot afford regulatory frameworks that block new entrants or freeze innovation. We also cannot have a digitally fragmented financial sector across Member States.
Our role is to remove the legal, technical, and behavioral barriers that hold back progress.
Your role as technology leaders is to shape the future with responsibility, ambition, and a commitment to the public good.
Let me conclude:
The coming years will redefine the finance landscape. I envision a financial system that is more accessible and offers Europeans greater opportunities to grow and manage their wealth.
AI, data, decentralized technologies, and cybersecurity are converging to create a new financial paradigm—one that is faster, smarter, and more interconnected.
Europe possesses the talent, capital, and regulatory stability needed to drive innovation forward.
But we must be bold and accelerate our efforts.
This is why your work and this event are so vital.
My vision is of a financial sector that not only keeps up with the digital revolution but actively powers it.
Thank you.