European Commission establishes Fintech Task Force

European Commission announced that it has set up a Fintech Task Force in a move to shape its responses to the effects of digital innovations in the banking sector, finextra reported.

According to a speech by European Vice-President Valdis Dombrovskis at Bruegel, the Task Force will include experts on financial services regulation, and also specialists in technology, data, and competition policies. The Task Force will foster innovation, give businesses the space to adapt and make the most of it. It will also monitor changes closely to keep our existing rules fit for purpose.

The Fintech Task Force is co-chaired by DG Fisma and DG Cconnect. It brings together services responsible for financial regulation and for the Digital Single Market, alongside experts in competition and consumer protection policy, as reported by Finextra.

"The current transformation affects existing financial institutions, as well as the new players, such as fintech startups or large internet platforms. The challenge is both to lay down the right conditions to support innovation and for a future-proof environment to emerge," the commission stated, mentioning about the ongoing disruption in the industry by new entrants and new technologies.