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EU: Commission sets up fintech task force

By  |  November 17, 2016

The European Commission has set up a Financial Technology Task Force to shape its response to the effects of digital innovations in the banking sector.

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    Co-chaired by DG Fisma and DG Cconnect, the Task Force brings together services responsible for financial regulation and for the Digital Single Market, along with experts in competition and consumer protection policy.

    The Commission says the unit will engage with market participants with the aim of formulating policy recommendations and measures “in the course of 2017”.

    Pointing to the ongoing disruption in the industry engendered by new entrants and new technologies, the Commission states: “The current transformation affects existing financial institutions,as well as the new players, such as fintech startups or large internet platforms. The challenge is both to lay down the right conditions to support innovation and for a future-proof environment to emerge.”

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