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Briefing

Simon Kennedy to take over from John Knubley as deputy minister of innovation

Kennedy will take the new role on September 3 following a 29-year career with the government, most recently as deputy minister of health. Stephen Lucas, current environment deputy minister, will take over from Kennedy. Christine Hogan will become deputy environment minister; she is currently the executive director for Canada, Ireland and the Caribbean at the World Bank. (The Logic)

The EU is planning a €100-billion fund to compete with the U.S. and China

The European Future Fund, a proposed sovereign wealth fund, would be financed by member states to invest in “high-potential European companies.” The draft plan cites Europe’s dearth of tech giants compared to global competitors, naming Google, Apple, Facebook and Amazon in the U.S., and Baidu, Alibaba and Tencent in China. (Politico)

Chinese government releases three-year plan to regulate fintech sector

The Fintech Development Plan aims to create “four beams and eight pillars” of development for fintech, including strengthening financial risk control and developing a cohesive legal assessment and monitoring framework for the sector, which will incorporate strict licensing conditions. (The Logic)

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