Opinion: Europe can regulate its way to a better fintech future

The article discusses the need for tighter regulations in the European fintech industry. It highlights the recent crypto crashes, money laundering, and digital fraud issues that have prompted regulatory bodies to take action. The EU's financial watchdogs are aiming to strengthen consumer protections and stabilize the market. However, some argue that these stricter regulations may hinder growth and innovation in the fintech sector. The article cites the example of the FCA fining HSBC £6.2mn for not properly treating customers in financial difficulty. While the regulators are defending the public's interests, some believe that lighter restrictions could have allowed banks to explore more creative solutions, such as personalized, data-driven lending. The article suggests that the EU can strike a balance between protecting consumers and fostering a thriving fintech industry through careful regulation that addresses the industry's challenges while still encouraging innovation.