On 23rd March 2017 the European Commission introduced a public consultation which seeks input from stakeholders to further develop the Commission's policy approach towards technological innovation in financial services. The financial technology is also known as FinTech. The stakeholders are asked to complete a questionnaire where most questions are open-ended.
In the Commission's view FinTech can be an important driver to expand access to financial services for consumers, investors and companies, bringing greater choice and more user-friendly services, often at lower prices. Moreover, new financial technologies can help individuals and medium-sized enterprises (SMEs), including start-up and scale-up companies, to access alternative funding sources for supporting their cash flow and risk capital needs. The questions are thus focused on the access to financial services, bringing down operational costs and increasing efficiency for the industry, competitiveness of the market, the issues of data sharing and transparency versus data security and protection. The questions also include the perspective of regulatory and supervisory framework which should foster the technological innovation.
12-5-2017