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Chikako Baba, Cristina Batog, Enrique Flores, Mr. Borja Gracia, Ms. Izabela Karpowicz, Piotr Kopyrski, Mr. James Roaf, and Ms. Anna Shabunina

), less than 15 percent of surveyed participants in Europe cite either service costs or distance to financial institutions as the main reasons for not having financial accounts, whereas in other regions, at least 25 percent of respondents refer to one or both of these factors. Furthermore, the bank-dominated financial system in Europe (with the exception of the UK) is not suited to providing high-risk financing, unlike the capital market-dominated systems in the US, as fintech companies rely mainly on venture capital and private equity funds for their funding. Other