EU Commission launches internal task force

Dhe Commission staff has launched a Task Force on Financial Technology (TFFT) aimed at assessing and leveraging innovations in the field while developing strategies to address the potential challenges that FinTech poses.

The work of this task force builds on the Commission's goal of developing a comprehensive strategy for FinTech.

Technological development offers great opportunities for existing financial institutions, alternative service providers and new business models, provided that Risks be carefully managed.       

We see technological innovation in finance as a development that we need to encourage and activate. It brings tremendous opportunities for consumers and for the industry, both from established players and new fintech companies. Our task force will help us ensure that our policies support the pursuit of these opportunities and address any associated risks.

This internal task force combines the expertise of Commission staff in various areas such as financial services, digital Services, digital Innovation and Security, competition and consumer protection. It will also engage with stakeholders and present policy proposals and recommendations in the first half of 2017.

Digital innovation is transforming the entire economy and the financial services sector in particular. It is disrupting business models and value chains, leading to the emergence of new players and services. The Digital Single Market Strategy aims to define an appropriate framework, enabling solutions for electronic authentication or cyber security. Our goal is to foster financial innovation while preserving financial stability and protecting consumers and investors.

According to Robert Viola, Director General of DG Connect, the task force is co-chaired by DG FISMA and DG Connect.