france fintech

With the financial technology (fintech) industry growing in countries around the world, there are many stories to tell. In the first installment of this series, we look at some recent fintech news items from France.

Fintech Industry Association Created in France

In June 2015, 36 French companies united to create a new industry association called France FinTech. The group is being led by Chairman Alain Clot, who has over 30 years of experience in the international financial sector.

France FinTech said in a statement that by creating this group, it hopes to achieve the same results as in the UK and the U.S., where similar groups have brought their ecosystems together to boost global exposure.

Source: Crowdfund Insider

French CEO of MtGox Bitcoin Exchange Arrested in Japan

Earlier this month, police in Japan arrested Mark Karpeles, French-born CEO of the failed MtGox bitcoin exchange. Tokyo Police said that Karpeles is believed to have manipulated data on MtGox’s computer system in order to fraudulently create $1 million in 2013. He is also being investigated for possibly being involved in the disappearance of the cryptocurrency worth $480 million at the time of its disappearance in 2014.

During the trial of Ross Ulbricht, convicted creator of online black market Silk Road, a witness reported that Karpeles was at one time thought to be running the illegal marketplace. In response to this claim, Karpeles denied any involvement.

Source: France 24

Blockchain Being Tested by Major French Bank

BNP Paribas, France’s largest bank, is exploring how blockchain technology could be applied to securities trading by incorporating it into one of its currency funds.

“We are looking at blockchain technology and how it can be applied to post trade processes to make things faster and potentially cheaper but it's all very much projects and it's all in testing. It's nothing live,” said a BNP Paribas spokesperson.

Source: International Business Times