March 15, 2018

EBA published its fintech roadmap, which contains the priorities and indicative milestones for 2018-2019 in the area of fintech. The roadmap also sets out the establishment of a FinTech Knowledge Hub to enhance knowledge sharing and foster technological neutrality in regulatory and supervisory approaches.

The following are the key priorities in the fintech roadmap:

  • Monitoring the regulatory perimeter, including assessing current authorization and licensing approaches to fintech firms and analyzing regulatory sandboxes and innovation hubs to identify a set of best practices to enhance consistency and facilitate supervisory coordination
  • Monitoring emerging trends and analyzing the impact on incumbent institutions' business models and the prudential risks and opportunities arising from the use of fintech
  • Promoting best supervisory practices on assessing cybersecurity and promoting a common cyber threat testing framework
  • Addressing consumer issues arising from fintech, particularly in the areas of unclear regulatory status of fintech firms and related disclosure to consumers and the appropriateness of the regulatory framework for virtual currencies
  • Identifying and assessing money laundering/terrorist financing risks associated with regulated fintech firms, technology providers, and fintech solutions

EBA will continue to engage in relevant international initiatives to promote supervisory and regulatory consistency in responding to new and borderless technologies. The EBA roadmap takes account of the feedback to its 2017 discussion paper on fintech as well as the new mandates for EBA that were set out in the EC’s action plan on fintech. EBA will issue, in 2018, publications spanning all priority policy areas identified in the roadmap and will continue to engage in EU and international fintech initiatives.

 

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Keywords: Europe, EU, Banking, Fintech, Roadmap, Knowledge Hub, EBA

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