European Commission speaks on Fintech

European Commission Vice President Valdis Dombrovskis spoke at a Fintech and Digital Innovation Conference. He noted the need to keep up with change and for regulators to fully understand new technologies and regulate proportionately without creating market barriers. He said the Commission would shortly be publishing its action plan, which would address measures it would take to support innovation and development. Among other things, it will address the AML issues of electronic verification, including eID, and cyber security risks.