EBA Consults on Its Approach to Financial Technology
EBA published a discussion paper that seeks views on its proposed future work in relation to financial technology (fintech). The discussion paper sets out the results of the first EU-wide fintech mapping exercise, along with the proposals for future work on fintech. EBA invites views from stakeholders on the scope of its proposed work and comments are due by November 06, 2017.
To gain a better understanding of current fintech activity in the EU, in spring 2017, EBA launched the first EU-wide fintech mapping exercise. To this mapping exercise, EBA received responses from 22 member states and 2 European Economic Area States. Detailed information was provided for 282 fintech firms. Based on the fintech mapping exercise and the existing EBA work, EBA has identified proposals for future work in the following six areas:
Authorization and sandboxing regimes
Impact on prudential and operational risks for credit institutions, electronic money institutions, and payment institutions
Impact of fintech on the business models of these institutions
Issues related to consumer protection and retail conduct of business
Impact of fintech on the resolution of financial firms
Impact of fintech on anti-money laundering and countering the financing of terrorism
EBA has already conducted a significant amount of work in relation to certain types of financial innovations, such as crowdfunding and virtual currencies; however, it is stepping up its fintech-related work to investigate the impact of fintech on the financial system and its regulation and supervision. Fintech has the potential to transform the provision of financial services.
Related Link: Discussion Paper on Fintech (PDF)
Comment Due Date: November 06, 2017
Keywords: Europe, EU, Banking, Insurance, Securities, PMI, Fintech, Regtech, Fintech Approach, EBA
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