The European Banking Authority has published a Discussion Paper on its approach to financial technology (FinTech). The EBA sets out in the Discussion Paper the results of the first EU-wide FinTech mapping exercise and its proposals for future work on FinTech.
To gain a better understanding of current FinTech activity in the EU, in spring 2017, the EBA launched the first EU-wide FinTech mapping exercise to which it received responses from 22 Member States and 2 EEA States. Detailed information was provided for 282 FinTech firms. Based on the FinTech mapping exercise and existing EBA work, the EBA has identified proposals for future work in six areas:
(i) authorisation and sandboxing regimes;
(ii) the impact on prudential and operational risks for credit institutions, electronic money institutions and payment institutions;
(iii) the impact of FinTech on the business models of these institutions;
(iv) consumer protection and retail conduct of business issues;
(v) the impact of FinTech on the resolution of financial firms; and
(vi) the impact of FinTech on anti-money laundering and countering the financing of terrorism.
The EBA invites views from stakeholders on the scope of its proposed work. The deadline for the submission of comments is 06 November 2017.