The EBA has conducted already a significant amount of work in relation to certain types of financial innovations, such as crowdfunding and virtual currencies, but is stepping up its FinTech-related work to investigate the impact of FinTech on the financial system and its regulation and supervision.
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:
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authorisation and sandboxing regimes;
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the impact on prudential and operational risks for credit institutions, electronic money institutions and payment institutions;
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the impact of FinTech on the business models of these institutions;
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consumer protection and retail conduct of business issues;
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the impact of FinTech on the resolution of financial firms; and
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the impact of FinTech on anti-money laundering and countering the financing of terrorism.
Comments to this consultation can be sent to the EBA by 06 November 2017. A public hearing will take place at the EBA premises on 4 October 2017 from 14:00 to 16:00 UK time.
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