Commission services have just launched a Task Force on Financial Technology (TFFT) that aims to assess and make the most of innovation in this area, while also developing strategies to address the potential challenges that FinTech poses.
The work of this Task Force builds on the Commission’s goal to develop a comprehensive strategy on FinTech. Technological development provides great opportunities for existing financial institutions, alternative service providers and new business models, provided that any risks are carefully managed.
This internal Task Force brings together the expertise of Commission staff across several areas, such as: financial and digital services, digital innovation and security, competition and consumer protection. It will also engage with stakeholders and present policy suggestions and recommendations in the first half of 2017.
According to DG Connect Department General Robert Viola, the Task Force will be co-chaired by DG FISMA and DG Connect.