European Commission launches fintech task force
The European Commission (EC) has set up a fintech task force as it looks to boost innovation in the region.
Called the Financial Technology Task Force (FTTF), it brings together services responsible for financial regulation and for the “digital single market”, along with others dealing with competition and consumer protection policy.
FTTF will be co-chaired by Roberto Viola, director general of DG Connect, and Olivier Guersent, director general of DG Fisma. DG Connect works to develop the digital single market, while DG Fisma is responsible for initiating and implementing policy in banking and finance.
In a joint statement, Viola and Guersent say: “The fintech revolution as we are experiencing it right now really is the result of a confluence of technological developments that have come to the market. They are ranging from continuing increase in processing and storage capacity, cloud computing, social network and platform technologies, artificial intelligence, mobile technologies or distributed ledger technology or blockchain which is high on the agenda of the whole sector.”
The launch follows “leaders” of European banks presenting their views on digital transformation to the EC. During a roundtable meeting on digital banking, they identified a range of issues related to e-identification, data, cloud services, cybersecurity, platforms, payments and digital skills.
That roundtable discussed the usual fintech issues – such as “substantial untapped disruption potential”, “new agile innovative players”, etc etc.
FTTF will look at the potential of technology and to “lay down the right conditions to support innovation and for a future-proof environment to emerge”.