EU Setting Up 23-Step Fintech Action Plan: The European Commission is laying out the particulars of its 23-Step Fintech Action Plan that would provide digital transformation support to the financial services sector. This would also create an EU Fintech Laboratory, which would lay the foundation for regulatory rules and crowdfunding reforms.
The Commission has been working the last year to figure out the best way to use the technological advancement opportunities in the financial industry.
The goal of the FAP is to expand upon the Single Market’s benefits that include positive bloc-wide reforms such as legislation that allows crowdfunding platforms to request an EU designation.
Vice President Valdis Dombrovskis is responsible for financial services, financial stability and capital markets union. He said, for the EU to compete on a global level, the country’s companies must have access to funds, a place to grow and an area to experiment in.
This is what the Fintech Action Plan is designed to do, he said.
Crowdfunding platforms could expand with the help of an EU crowdfunding license. The license would make it easier for companies and investors to hear the pitches of entrepreneurs and firms.
Dombrovskis said the Commission is set to host an “EU Fintech Laboratory” that would let national and European officials to talk with tech suppliers in an impartial setting.
Policies to further the latest developments in artificial intelligence and cloud computing will be similar to what the EU Blockchain Observatory and Forum has put forth. The EU Blockchain Observatory and Forum is looking at the various opportunities and challenges that have come about from the development of crypto-assets and ledger technology.
Other important notes to mention of include:
• Discussion on the best way to encourage the digitization of data printed by listed European companies – connecting the national databases.
• Development of workshops to progress the sharing of information, especially in the area of cybersecurity.
• Presenting a plan that includes the best ideas on supervisory sandboxes, as proposed by the European Supervisory Authorities.