France: Issuance of opinion following "FinTech" sector inquiry by Autorité de la Concurrence

On 29 April 2021, the Autorité de la Concurrence published its opinion following the "FinTech" sector inquiry it started on its own behalf on 13 January 2020. The inquiry was aimed at gathering information on the competitive situation in the sector, with the main focus being laid upon digital payment services. The main observations the authority made were that while actors in the "FinTech" sector did offer innovative and diverse services, they also created a situation, harming competition. That is because many large digital platforms such as Apple, Google and Amazon offer digital payment services, which increases the risk of even stronger platforms. Furthermore, there is a risk that the traditional banking sector will be marginalized by "FinTech". Finally, the authority identified risks regarding the use of blockchain, as well as possible barriers to entry to the "FinTech" sector that might cause competitive issues in the future.