The FINTECH Revolution’ has been celebrated, in which the hand of many specialists have analyzed the new existing ways of providing banking services beyond the regulated formulas as well as the challenges of the digital transformation of the financial sector in Spain. Among the participants has been, deputy director in charge of the Fintech and Cybersecurity area of the CNMV, who highlighted that we are “at the height of innovation, with different areas of the financial industry, such as quantum technology or the Blockchain”.
Del Olmo has also underlined the new uses that are being promoted in areas that already existed within the Revolution 4.0, such as artificial intelligence or the Cloud, which, in his opinion, demonstrate “the intense concern of companies to retain new profiles of consumers, who are less passive, demand much more and in an immediate way “. In this paradigm, the director of the supervisory body has valued “the notable role that the added value that entities can have with the data to develop new business models will have for the coming years”.
Training and advice
Without shying away from analyzing the roles of the Administration in this context as well as those of the different control and regulation bodies, Del Olmo has affirmed that “we have to be at the level of what society demands of us”, especially in a country like Spain “where the innovative level is very high, among the largest in the world”. So much so that since the launch of its innovation hub through the CNMV’s own website, “the response of the entrepreneurs has been overwhelming, showing great interest in the regulatory advice we provide”.
Satisfaction of the CNMV
Del Olmo has commented that “to this deep satisfaction of the CNMV” for the proactivity from the business segment, joins the challenge of “continue betting on financial formation among society”, as well as the development of control policies “to monitor the risks and the technological neutrality in fintech “. In this sense, the new developments of the Spanish Sandbox “will allow the CNMV to continue with its innovation hub but with more flexibility testing different projects to evaluate its degree of maturity”.
Final thoughts on the project
Finally, Del Olmo wanted to conclude commenting briefly “the project we are developing to evaluate the price of warrants as financial instruments through Blockchain technology”. Although it is still early to offer the first results, in the opinion of the CNMV the objective is that “it becomes a world benchmark for driving emissions in the financial industry”.