Europe for fintech
The European Commission has unveiled its Fintech Action Plan comprising two dozen initiatives to enable business models to scale-up, support the uptake of new technologies as well as boost cybersecurity and the integrity of the financial system.
As part of the plan, Brussels will host an EU Fintech Laboratory for authorities to engage with tech providers, plus provide guidance on developing sandboxes to enable fintech start-ups to conduct live experiments in a controlled environment, under regulatory supervision. The Commission has already created an EU Blockchain Observatory and Forum.
In addition, Brussles is proposing crowdfunding passports to support fintech development across the EU.
"New technologies are transforming the financial industry by revolutionising the way people access financial services,” says Jyrki Katainen, vp for jobs, growth, investment and competitiveness at the Commission. Alternative sources of funding, such as crowdfunding or peer-to-peer lending, directly link savings with investments. They make the market more accessible for innovative entrepreneurs, start-ups and small companies.”