in key rates was in september 2023, and since then we have cut rates twice by 25 basis points, in june and september, as a result of page 2 of 5 the sharp fall in inflation. i will refrain from saying any more as we are in a “ silent period ”. the first half of the year may therefore mark a turning point and herald renewed growth in the fintech ecosystem. we are also witnessing this at the acpr's fintech innovation hub, with a distinct upturn in the number of new projects. by mid - september, 72 projects had been submitted, an increase of around 15 % on the same period in 2023. 2. the acpr continues to listen closely to the ecosystem and intends to adapt to its developments against a backdrop still fraught with economic uncertainty, the acpr is listening ever more closely to the ecosystem. this is what the fintech forum is all about, together with the “ my fintech journey ” website, which is regularly enhanced to provide clear answers to the main questions posed by project leaders. it is also the purpose of our commitments under the fintech charter, and their regular monitoring. our first contact response rate within two weeks – as outlined in the charter – remains very high at 92 %. once the authorisation journey has actually begun, response times have edged up this year, averaging around 11 days ( compared with 10 last year ). the acpr has also been very proactive around innovative projects in the broadest sense. in particular, i should mention the projects involving the first two issuers of stablecoins accredited in france – and in europe – on 1 july, the same day that the mica regulation iii came into force. we are also currently vetting applications for the pilot regime. iv lastly, for fintechs that have already been granted authorisation and wish to extend their activities to other european countries, we are aware of the difficulties arising from the increasing number of sometimes relatively similar reports that need to be submitted to different authorities, and differing interpretations of regulations. these disparities are generating complexity and significant costs for start - ups like fintechs. and let me say loud and clear that it is time to take serious note of the call of the draghi report, among others, for page 3 of 5 more standardisation and simplification. we fully intend to contribute to this process. ii. a break with the past, around artificial intelligence 1. one of the main drivers of fin

of the increased resilience it will bring to the financial sector. it is therefore particularly important that all those involved are well prepared and this afternoon's thematic workshop, run by teams from the acpr and the amf, will provide all those concerned with answers to any questions they may have. * * * i will conclude with a quote from benjamin franklin : “ there are many ways not to succeed, but the surest way is never to take risks. ” fintechs know well how to take risks and in doing so, they also enable the financial sector as a whole to innovate and adapt to technological change. nevertheless, dangers relating to these changes must be known and controlled, so we also need to forge a successful alliance between innovators and regulators. you can count on our commitment to this objective. thank you for your attention. page 6 of 5 villeroy de galhau ( f. ), fintechs : at the forefront of “ new frontiers ”, opening address of the 4th acpr - amf fintech forum – paris, 16 october 2023. ii france fintech, half - yearly report, 2024 iii europe's markets in crypto - assets ( mica ) regulation iv eu regulation of 30 may 2022 setting up a pilot regime for market infrastructures based on distributed ledger technology. v villeroy de galhau ( f. ), innovation by central banks : the sooner the better, speech delivered at the bis innovation summit – 6 may 2024 vi eu ai act vii through workshops organised with banks and insurers, techsprints that bring together fintechs, data scientists and more traditional players, and research. viii directive ( eu ) 2015 / 2366 relating to payment services. ix framework for financial data access, ( fida ). x villeroy de galhau ( f. ), big techs in finance : a bildungsroman that is far from over, speech at the bis conference, 9 february 2023. xi le developpement des big techs dans le secteur financier : quels risques, quelles reponses reglementaires?, acpr study published on 14 october 2024. i