March 08, 2018

EC launched an Action Plan on harnessing the opportunities presented by technology-enabled innovation in financial services (fintech). EC is also putting forward new rules that will help crowdfunding platforms to grow across the single market in the EU.

The Action Plan envisages to enable the financial sector to make use of the rapid advances in new technologies, such as blockchain, artificial intelligence, and cloud services. It sets out 23 steps to enable innovative business models to scale up, support the uptake of new technologies, and increase cybersecurity and the integrity of the financial system. This will benefit consumers, investors, banks, and new market players. EC is also proposing a pan-European label for platforms, so that a platform licensed in one country can operate across the EU. The Action Plan is part of the efforts to build a Capital Markets Union (CMU) and a true single market for consumer financial services. It is also part of its drive to create a Digital Single Market. EC aims to make EU rules more future-oriented and aligned with the rapid advance of technological development.

Valdis Dombrovskis of EC, the Vice-President responsible for Financial Stability, Financial Services and Capital Markets Union, said: "To compete globally, Europe's innovative companies need access to capital, space to experiment, and scale to grow. This is the premise for our Fintech Action Plan. An EU crowdfunding license would help crowdfunding platforms scale up in Europe. It will help them match investors and companies from all over the EU, giving more opportunities for firms and entrepreneurs to pitch their ideas to a wider base of funders."

 

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Keywords: Europe, EU, Banking, Fintech, Action Plan, Cyber Risk, EC

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