You're listening to the European Parliamentary Reset Service podcast on Financial Technology of FinTech.

Digital technology is refashioning financial services and capital markets around the world, bringing new challenges and opportunities.

But is EU regulation fit for fintech?

Stay and explore with us the impact of this rapidly developing sector

and the challenges that poses to policymakers and regulators in Europe.

When the first transatlantic cable for telegraph communications was laid in the 1860s,

a world that it seemed infinite was reduced to human proportions.

Finally, information from the US financial centres could reach Europe in a matter of hours rather than days,

leading us to the first age of financial globalisation.

But we've come a long ways since then, and today, financial technology of FinTech, it's one of the

fastest growing sectors worldwide. Suffice to say that the value of global FinTech investment

grew by 75% in 2015 to over 20 billion euros.

And corporates, venture capital and private equity firms have invested more than 46 billion euros in almost 2,500 global fintech startups since 2010.

But what is fintech exactly?

Well, basically, it refers to firms which rely on technology and innovation to provide financial services or to make the financial system more efficient.

It includes cashless payments, robotic trading, crowdfunding platforms and virtual currencies such as Bitcoin,

and this list will only grow larger.

The EU has been quick to identify the opportunities of this rapidly growing sector.

It could increase efficiency, strengthen financial integration and enhance the EU's

role as a global player in financial services. The challenge is how to lay down the right

conditions to support innovation while protecting consumers and financial stability at the same time.

Despite the increasingly tied to European regulatory grip on financial services, there are still areas

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