European Commission opens public consultation on fintech

European Commission opens public consultation on fintech

The European Commission is to run a public consultation on fintech as it bids to shape its policy response to the booming market for new innovations in financial services.

The Commission has set up a Task Force on Financial Technology working across issues relating to financial regulation, technology, data, access to finance, entrepreneurship, consumer protection and competition.

The EU body says the feedback from the public consultation will help it to guage how fintech can make the single market for financial services more competitive, inclusive and efficient.

The Commission is understood to be pondering the adoption of an EU-wide licence for tech companies in the financial services sector to operate across Europe. Other options on the table include the creation of a regulatory framework and sandbox environment covering the entire Union.

The EC says it will also work with the private sector to explore ways to use electronic identification and trust services for checking the identity of customers, and monitor the practices of digital providers to decide if rules for selling financial services remotely - such an online or by phone - should be updated.

"The goal is to create an enabling environment, where innovative fintech products and solutions take off at a brisk pace all over the EU, while ensuring financial stability, financial integrity and safety for consumers, firms and investors alike," states the Commission.

Market participants and EU citizens are invited to give their feedback by responding to an online questionnaire which addresses emerging aspects of the fintech ecosystem, including the application of artificial intelligence and big data, distributed ledgers, and barriers to market entry for fintech startups.

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