Tag Archives: fintech

bank for international settlements releases working paper on fintech opportunities

The BIS has today released Working Paper No 655 (the FinTech Opportunity) by Thomas Philippon. The paper assesses the potential impact of FinTech on the finance industry. It documents first that financial services remain surprisingly expensive, which explains the emergence of new entrants. It then argues that the current regulatory approach is subject to significant political […]

eba publishes fintech discussion paper

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, […]

Council agrees Commission suggestions on CMU

The Council of the EU has renewed its support for the CMU action plan, and agreed with many of the priority initiatives the Commission has put forward.  It will focus on sustainable finance and financial technology.

WFE encouraged by Commission consultation on FinTech

The World Federation of Exchanges said it was encouraged by the Commission’s consultation on FinTech as it believed that it was important to get policy right in this area to avoid the rush to regulate. These comments came following the WFE’s response to the Commission’s consultation document “FinTech:  a more competitive and innovative European financial sector”, which was published […]

FSB issues a report on the financial stability implications from FinTech

The FSB has been analysing the potential financial stability implications from FinTech with a view to identifying supervisory and regulatory issues that merit authorities’ attention. In a Report released this week, the FSB identified ten areas, of which the following three are seen as priorities for international collaboration: the need to manage operational risk from […]

eiopa responds to commission’s consultation on fintech

EIOPA has responded to the Commission’s consultation on FinTech. EIPOA notes that digitalisation / InsurTech is of strategic importance for the insurance and pensions sector. It has an impact in all of the areas of the value chain. They also note that there are  some risks arising from digitalisation that supervisory authorities need to examine very […]

EBA provides draft response to EC consultation on Fintech

The EBA has produced a draft response to the EC’s consultation on ‘Fintech: a more competitive and innovative European Financial Sector.’ The response sets out the EBA’s views on questions in the consultation paper that fall within the scope of the work of the EBA. The EBA provided responses on the following topics: Big data […]

LSB looks at digital developments

LSB has reviewed its Standards to assess whether any amendments are needed to take account of various digital developments.  It considered the effects of digitalisation of the customer experience on the whole customer journey apart for credit card, loan and overdraft products. Key findings included: firms increasingly use third parties to supply the required technology, […]

ESMA responds on Fintech

ESMA has responded to the Commission’s consultation on Fintech. It sees Fintech as a positive evolution so long as business models continue to aim to improve the customer experience and financial inclusion. It identifies some concerns that it thinks need to be addressed, including: the risks (from a market integrity and investor protection standpoint) and costs […]

ECON publishes draft retail FS plan

The EP has published a draft report on the Action Plan for retail financial services. The report: says the EU retail financial services market is still underdeveloped and fragmented, but recognises that such a market will work only if it delivers real customer value; welcomes the Commission’s action plan working towards a single technology-enabled market; […]