Former French president François Hollande has called on companies across the financial services industry to invest more in technology.
On Wednesday at Money 2020 in Amsterdam, directly addressing banks, FinTechs, investors and others in the industry, the ex-president said that if the sector wants a coherent society with true democracy and to facilitate globalism they need to "invest in the future", adding that those who only think of the short term will "lose" in the end.
Hollande, who served as the president of France from 2012 to 2017, is credited by some as introducing policies that have cemented the country's status as a leading global FinTech hub.
The ex-president also told delegates that European countries must join forces to have a chance at competing with technology leaders like China.
He said that he hoped that France would be – along with countries like the UK and Germany – one of the best places to invest in technology.
“The problem with Europe is the fragmentation of the market,” continued Hollande. “We don’t have a global market – that’s the main challenge.”
He went on to say that if Europe doesn’t bring together all its forces, states like China will “win the competition”.
“It’s crucial for Europe to gather all its forces and cut all the limits for the technology market,” continued the former president.
AI and Greentech
Hollande identified AI and Greentech as two of the most important technology trends at the moment.
He said that it was still possible for France to lead the way in Europe when it comes to AI but that it needs to invest much more in the technology. He added that this is an opportunity not just for France but for all countries in Europe.
“We must think about this opportunity and the risk,” he continued.
But he said that it is important for the technology to be explored now because in two or three years it will "be too late."
He also told delegates that European countries need to “massively invest” in Greentech.
Money 2020 Europe is taking place at the RAI Amsterdam from 4 June - 6 June.
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