Since January 2017, the European Parliament is starting to focus more on the rise of Financial Technology (FinTech). Technological advancements are developing incredibly quickly and have the potential to completely change financial services. Within a short period of time, advancements such as Artificial Intelligence and cloud computing have directly resulted in new financial solutions, including mobile payments, crowfunding, and virtual currencies.
The European Parliament is currently taking an interest in the topic, publishing a draft report on FinTech and its positioning in the financial sector. The report points to the swift development of new financial solutions and the increasing need for a regulatory structure to address any possible issues which may emerge as the standardization of FinTech rapidly progresses.
Last month the European Commission launched a “public consultation” on FinTech and its impact on financial services. The goal is to gather feedback from stakeholders, so that a policy may be developed to encompass all interests of both providers and consumers. Additionally, it will help to assess whether (proposed) regulatory policies are sufficient. The consultation will end in June 2017.
Source: E-Commerce Europe