EU Tech Dilemma - Issue #474 June 27th, 2024

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FinTech Weekly dives into the pressing issues facing the European Union's technology and AI landscape in this edition. Despite the rapid advancements in AI and fintech, Europe is struggling to keep pace with the United States and China. Top executives, like Meta's Nick Clegg, highlight the "real problem" Europe faces in tech innovation. However, opportunities abound, as seen with initiatives such as the European Commission's Blockchain Sandbox and AI Startup Program, aimed at fostering development and collaboration across the continent.

Our coverage includes insights from industry leaders like Devon Kirk on the fintech growth equity market and how AI is poised to revolutionize financial services. We also examine Swift's positive findings on the EU’s Instant Payments Regulation and the optimism it brings to SMEs. Additionally, we delve into the impact of the AI Act, set to be the world's first comprehensive AI regulation.

This and much more in this number of FinTech Weekly: discover top fintech news and events and stay ahead of the competition!

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    The European Commission (EC) opened a consultation on the use of artificial intelligence (AI) in financial services on June 18. Responses will inform the commission about the “concrete application and impact of AI in financial services,” it said. This follows the European Parliament and European Council's passage of the AI Act, expected to enter into force in July, regulating AI development and use in the EU. The EU calls it “the world’s first comprehensive AI regulation.”


    Meta is expanding its AI Startup Program across Europe, highlighting innovation and the influence of American tech companies in the region’s AI landscape. Partnering with Hugging Face and Scaleway, the program will select five startups for mentoring, tools, and computing power. While aiming to boost European AI development, it raises concerns about data privacy and tech sector independence. Running from September 2024 to February 2025 at Paris' STATION F campus, the program is open to EU applicants. Selected startups will work with Meta’s FAIR lab and access open-source AI models like Llama.