Good afternoon, ladies and gentlemen,

Its a pleasure to be with you all here in Luxembourg. A country that truly understands the strategic importance of finance and technology. Its a fitting setting for a discussion on how innovation can shape a better, more inclusive future.

I understand the past two days of discussions have provided a powerful demonstration of how rapidly the digital landscape is evolving. And I found myself already wondering what will be at the center of our discussions this time next year.

As European Commissioner for Financial Services and the Savings and Investments Union, I am very aware of the need for urgent investment in Europes digital capabilities. For me, investment in innovation is the foundation of a stronger, more competitive European economy.

But as many of you know - especially those from the venture capital community -, innovation doesnt happen without financing. And it certainly doesnt flourish without the right conditions.

We cannot afford to be complacent in what concerns digital finance. It is a space that is evolving continuously. Yet, despite the progress weve made, too many financial institutions—both large and small—remain held back by outdated systems, fragmented markets, and risk-averse mindsets. 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 actively working to make that ambition a reality.

First – the foundations: data, infrastructure, and the Savings and Investments Union.

We are advancing our rules and strategies to bring more retail investors into the financial system and to make European capital markets more integrated, deeper, and accessible to all citizens.

But these markets will only thrive if they are efficient and operate digitally. Thats why we are pushing for future proof rules and encouraging the use of emerging technologies. For instance, in the EU, we have put in place a pilot regime on distributed ledger technologies. This facilitates the issuance, trading and settlement of ‘tokenised securities.

My priority is to ensure that citizens can access a wider range of high-quality financial services and investment opportunities. We are seeing new players entering the financial system, harnessing technology to offer innovative, user-friendly solutions — and the strong uptake shows just 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 kind of progress that digital innovation can deliver.

We are now in the final stages of negotiating the rules that will help bring Europes financial sector fully into the digital age. At the heart of this is the Financial Data Access Regulation — or FiDA — which will establish a secure and open framework for access to customer data. This will open the door to more innovation, more competition, and better services for consumers.

For the AI and tech community, the message is clear: more high-quality data will become available, and demand for data-driven solutions will grow. We are laying the groundwork for artificial intelligence and digital innovation to thrive responsibly within the financial sector.

Our proposal has nevertheless faced strong criticism – mostly coming from the incumbents in the sector. We understand their concerns and we are proposing further simplifying the framework. But FiDA must see the light of day, in an ambitious form that allows consumers to take control of their data, and facilitate innovation and competition. So, I count on your support to help us reach these goals.

Second – AI itself.

The European Unions AI Act is the worlds first comprehensive legal framework for artificial intelligence. It sets out clear rules to address potential risks to peoples health, safety, and fundamental rights. These are ambitious measures - and they are essential to ensure that AI serves society responsibly and ethically.

Our intention with this framework is to provide greater legal certainty and foster public trust – both essential to encouraging investment and wider adoption. Our focus now is on implementation – making sure the rules are clear, proportionate, and accessible to all - from developers to end-users.

In the European Union, we actively encourage innovation. This April, the Commission launched the AI Continent Action Plan with the ambition of positioning Europe as global leader in Artificial Intelligence. We recognize the transformative potential of AI across our continent and are committed to ensuring its benefits reach all sectors of the economy, including finance.

The plan sets out concrete measures to develop large-scale AI data and computing infrastructures, improve access to high-quality data, promote AI adoption in strategic sectors, strengthen Europes skills and talent base, and support the effective implementation of the AI Act.

At the same time, we are closely monitoring AI developments in the market. Generative AI, large language models, and autonomous trading tools are already well established across the EU, influencing decisions, investment strategies, and market dynamics.

We are engaging actively with industry stakeholders to deepen our understanding of AI applications, the associated risks, and their impact on competition within the financial system.

And 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 it means placing innovation at the heart of Europes competitiveness agenda.

We cannot afford regulatory frameworks that block new entrants or freeze innovation. Nor can we afford a digitally fragmented financial sector across Member States.

Our role is to remove the legal, technical, and behavioral barriers – that hold back progress.

And your role – as technology leaders – is to shape the future with responsibility, ambition and a commitment to the public good.

So let me close with this:

The years ahead will redefine the landscape for finance. I want to see a financial system that is more accessible- one that offers Europeans greater opportunities to grow and manage their wealth.

AI, data, decentralised technologies, cybersecurity are converging to form a new financial paradigm. One that is faster, smarter, and more interconnected.

Europe has the talent, capital, and the regulatory stability needed to drive innovation forward.

But we must be bold. And we must accelerate our efforts.

This is why your work – and this event – are so important.

My vision is of a financial sector that doesnt just keep up with the digital revolution – but actively powers it.

Thank you.