The European Commission has announced that it is launching a Task Force on Financial Technology that aim to assess and make the most of innovation, whilst also developing strategies to address the potential challenges that Fintech poses.
One to watch for sure - the Commission has identified that Fintech is an area with huge opportunities for customers and industry. The Commission also mentioned the Digital Single Market, noting that "Digital innovation is transforming the entire economy and in particular the financial services sector. It disrupts business models and value chains, leads to the emergence of new players and services. The Digital Single Market strategy aims at laying down an appropriate framework and enabling solutions concerning for instance electronic authentication or cybersecurity."
The Task Force will likely start engaging with stakeholders and present policy suggestions in the first half of 2017.
"We see technological innovation in finance as a development that we need to encourage and enable. It brings huge opportunities for consumers and for industry, both by established players and new Fintech firms. Our Task Force will help us make sure that our policy supports the pursuit of these opportunities, while addressing any risks that may emerge. Efficient financial markets need to make the best possible use of the opportunities that technology presents, while also preserving competition and making sure that new operating systems are safe.” - Commission Vice-President Valdis Dombrovskis, responsible for Financial Stability, Financial Services and Capital Markets Union