##que de france is going to add, alongside some of you, three more experiments to the nine already carried out ; it is also with this in mind that the bank organised a pioneering international conference on 27 september on the tokenisation of finance. on a regulatory level, france was one of the first to propose a new dasp status under its 2019 pacte law, which has since been attributed to 54 players. europe has provided a pioneering regulatory framework for crypto - assets thanks to the mica regulation ; following the agreement obtained under the french presidency, it is crucial that it be adopted, and as quickly as possible. in the meantime, we will remain extremely vigilant regarding the risk of regulatory arbitrage in europe. on a global level, it is imperative that the other large jurisdictions – including the largest one – now implement the shared recommendations of the g20 and fsb on consumer protection, financial stability and the prevention of money laundering. we all confirmed our agreement last week in washington : this is good news for “ trusted innovation ”, but we need to turn our words into action on everything, and quickly, following the examples of france and europe. * * * to conclude, i would like to come back to our work as a “ catalyst ” for innovation. as aristotle said “ what we need to learn before doing, we learn by doing ” : internally, we encourage a culture that is geared towards innovation, with the page 5 of 5 launch of an intrapreneurship programme to foster innovative ideas. we also want to co - construct and test out with you innovative solutions to digital challenges, for example a collaborative method for preventing money laundering, or a security solution that can withstand the huge processing capabilities of future quantum computers. we shall continue on this path. thank you for your attention. i new payment stakeholders overview ( banque - france. fr ) digital players in the financial sector : a step towards profitability? | banque de france ( banque - france. fr ) iii digital transformation in the french banking sector | banque de france ( banque - france. fr ) iv charter for the appraisal of fintech authorisation requests | banque de france ( banque - france. fr ) ii

crucial path towards profitability – which page 2 of 5 is necessary for everybody, even though situations vary widely, depending on the business model. the digital revolution is leading to a major restructuring of the financial landscape, at the point where these new players and the existing ecosystem meet. according to an acpr survey published in january, iii all banks and insurers questioned said they had set up partnerships with innovative players. legacy banks and insurers are thus being forced to operate with a more open structure, exploring new distribution channels and offering new products. i welcome this wholeheartedly : no maginot lines and no trench warfare. if existing players and fintechs did not both know how to innovate, and often innovate together, it ’ s the bigtechs that would ultimately reap the rewards. 2. promote the integration of fintechs into the regulatory framework in response to these transformations, our role as public authorities is twofold : to continue to safeguard financial stability and therefore trust, but also to act as a catalyst for innovation – two roles that are far more complementary than they are contradictory. financial stability without innovation would be a form of dying conservatism ; innovation without trust would be a fleeting fad. we therefore want, clearly, concretely and firmly, to facilitate the entry of new players into the regulated arena. to this end, at the end of last year, we adopted the fintech charter, iv and today we want to update you on how we have lived up to our commitments. - between january and august, the acpr ’ s fintech - innovation unit received 107 contact requests from new project initiators. in 90 % of cases, a first response was given within two weeks, with an average response time of six days. - after this first contact, and once the fintechs had started the actual authorisation or registration process, the average time taken to ensure their applications were complete and decide on their legal classification was in line with the charter – two to three weeks depending on the legal status – although page 3 of 5 for a third of cases it took longer ; this was notably due to the sharp rise in applications ( up 20 % on last year ). - once an application had been submitted, the deadline for examining it was met in 84 % of cases, with the average time standing at 12 days – less than the average of 17 days it took for applicants to respond! we are therefore well on the way