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Italy4Innovation: “Fintech for the recovery. Italian and British perspectives”.

On June 24th the 13th Italy4Innovation (I4I) event was held – the first online version of this event. The I4I series was launched by the embassy to promote Italy as a forge of innovation and technology, and this webinar focused on fintech, a sector that has seen rapid growth due to the digital expansion driven by the pandemic.

Ambassador Raffaele Trombetta pointed out in his opening address that the fintech sector had already been identified by Ignazio Visco, the governor of Banca d’Italia, as an area to focus on: research was already underway and recommendations had been issued.

Andrea Crovetto, the chairman of FintechItalia, then presented the legislation introduced recently in Italy. One noteworthy aspect of the new legislation is the rapid adoption of technofinance by Italian SMEs looking to take advantage of the efficiency, effectiveness, lower cost, interactivity and customisation offered by these new financial actors.

Janine Hirt, COO of Innovate Finance, pointed out that the British fintech sector is some way ahead of Italy, but it was agreed that Italian fintech is rapidly gaining ground. This progress is facilitated by the close links between the sectors in the two countries, as made clear by panellists representing major fintech companies with a foot in both markets, including Ignazio Rocco di Torrepadula of Credimi, Benedetta Arese Lucini of Oval Money, and Mattia Ciprian of Modefinance.

The webinar, moderated by Helene Panzarino of the Centre for Digital Banking and Finance, also offered an opportunity to look at the dynamics and prospects of fintech on a global scale, particularly in Europe, and its place in the context of the transformation currently taking place in the world of finance. Views on this were provided by the expert and author Paolo Sironi, global research leader in banking and finance at IBM.

The first Italian sandbox will be presented in a few months’ time, offering another opportunity for foreign investors interested in the potential offered by Italy.

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