The paper identifies nine key issues that need to be addressed in the near future in order to let financial technology companies develop innovative banking services in the European Union.
The European Banking Federation’s (EBF) paper provides recommendations and solutions on e-identification, cloud services, data, cybersecurity, digital platforms, payments and on digital skills.
It also recommends the creation of an EU framework that can let companies experiment with new cross-border financial services. This framework could be seen as a ‘Europe-wide fintech sandbox’.
“Europe’s citizens may expect attractive new financial services but only if European companies that provide these technologies can flourish,” said Wim Mijs, Chief Executive Officer of the EBF.
“Because of their very nature banks actively embrace financial technology to develop better products and services. Some banks collaborate closely with startups while others are transforming on their own. Smart regulation is required for fintech initiatives to prosper. That is why I see it as very encouraging that the Commission today takes a serious step with the creation of its internal fintech task force. We need terabits of action at an overclock speed please.”
Press release
Vision paper
© EBF
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article