General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
February 27, 2018

Valdis Dombrovskis of EC, Yves Mersch of ECB, and Steven Maijoor of ESMA spoke at the Second Annual Conference on “Fintech and Digital Innovation: Regulation at the European level and beyond” in Brussels. They discussed the implications of innovations in financial technology and the work that is being done, and can be done, to meet the resulting challenges.

Valdis Dombrovskis, the EC Vice President, mentioned that EC plans to present its Fintech Action Plan next week. The Action Plan will set out a number of concrete steps for a more innovative and competitive EU financial sector. He highlighted that well-informed and skilled supervision of Fintech activities is a core theme of the Action Plan. This year, EC will establish an EU FinTech Lab, for supervisors to engage with technology solution providers. The aim is to raise the level of knowledge and understanding about new technologies. He added that EC supports efforts by ECB and supervisors to develop an EU-wide testing framework. Additionally, this year, EC plans to organize a public-private workshop to find and break down barriers that limit information-sharing among market participants on cyber threats. He also discussed in detail the three main goals of the Fintech Action Plan:

  • To support innovative business models to scale up across the single market

  • To encourage the uptake of new technologies in the financial sector. 

  • To increase cybersecurity and the integrity of the financial system

Yves Mersch, Member of the ECB Executive Board, emphasized that innovation and digitalization in payment services will significantly change the payments market. The legislative framework established by PSD2 supports such innovation and enhances competition. It offers a legislative basis for a level playing field between new entrant third-party providers (fintechs) and incumbent banks. Regulatory requirements for third-party providers and banks differ, along with the spectrum of services that they provide and the level of risk that they need to protect against. He said he would welcome it if both fintech third-party providers and banks were to make use of the opportunities granted by law and to compete for the most innovative and efficient provision of payment initiation services and account information services. They should build their services on common technical standards with a pan-European reach to benefit their customers and the European citizens while formulating appropriate cyber strategies to take care of the cyber risks that accompany digitalization.

Steven Maijoor, the ESMA Chair, during his keynote speech, addressed the key areas of fintech, with focus on examining the structural features of fintech, monitoring fintech by looking at economic function, and outlining the challenges and opportunities for regulators. He concluded that "we need to act in a balanced way, taking account of risks and benefits. Fintech is a fascinating topic, and it is reshaping the financial sector profoundly. We will use our measured approach to tackle the challenges fintech brings, and to grasp the opportunities."

 

Related Links

Keywords: Europe, EU, Banking, PMI, Fintech, PSD_2, Action Plan, ESMA, ECB, EC

Related Articles
News

APRA Grants License to New Authorized Deposit-Taking Institution

APRA announced that it has granted Judo Bank Pty Ltd a license to operate as an authorized deposit-taking institution without restrictions, under the Banking Act 1959.

April 24, 2019 WebPage Regulatory News
News

BoE Report on Evaluation of Approach to Concurrent Stress Testing

BoE published a report on the evaluation, by the Independent Evaluation Office (IEO), of the effectiveness of the approach of BoE to concurrent stress testing.

April 24, 2019 WebPage Regulatory News
News

FDIC Consults on Approach to Resolution Planning for IDIs

FDIC approved an Advance Notice of Proposed Rulemaking (ANPR) and is seeking comment on ways to tailor and improve its rule requiring certain insured depository institutions (IDIs) to submit resolution plans.

April 22, 2019 WebPage Regulatory News
News

FDIC Specifies Submission Timeline for FFIEC 031, 041, and 051 Reports

FDIC published the financial institution letters (FIL-21-2019 and FIL-22-2019) that offer guidance on submission of Call Reports FFIEC 051, FFIEC 041, and FFIEC 031 for the first quarter of 2019.

April 19, 2019 WebPage Regulatory News
News

US Agencies Propose to Revise Call Reports FFIEC 031, 041, and 051

US Agencies (FDIC, FED, and OCC) proposed to revise and extend, for three years, the Call Reports FFIEC 031, FFIEC 041, and FFIEC 051.

April 19, 2019 WebPage Regulatory News
News

US Agencies Propose to Amend Rule on Supplementary Leverage Ratio

US Agencies (FDIC, FED, and OCC) are proposing to revise the capital requirements for supplementary leverage ratio, as required by the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act.

April 18, 2019 WebPage Regulatory News
News

EIOPA Held InsurTech Roundtable on Use of Cloud Computing by Insurers

EIOPA had, on April 11, 2019, hosted its Fourth InsurTech Roundtable on the use of cloud computing by insurance undertakings.

April 17, 2019 WebPage Regulatory News
News

EP Resolution on Proposal for Sovereign Bond Backed Securities

The European Parliament (EP) published adopted text on the proposal for a regulation of the European Parliament and of the Council on sovereign bond-backed securities (SBBS).

April 16, 2019 WebPage Regulatory News
News

HKMA Decides to Maintain Countercyclical Capital Buffer at 2.5%

HKMA announced that, in accordance with the Banking (Capital) Rules, the countercyclical capital buffer (CCyB) ratio for Hong Kong remains at 2.5%.

April 16, 2019 WebPage Regulatory News
News

EP Approves Agreement on Package of CRD 5, CRR 2, BRRD 2, and SRMR 2

The European Parliament (EP) approved the final agreement on a package of reforms proposed by EC to strengthen the resilience and resolvability of European banks.

April 16, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2954