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FinTech: A More Competitive and Innovative European Financial Sector

The consultation seeks input from stakeholders to further develop the Commission’s policy approach towards technological innovation in financial services. It seeks input on new technologies’ impacts on the European financial services sector, both from the perspective of providers of financial services and consumers, and whether the regulatory and supervisory framework fosters innovation in line with its three core principles; technological neutrality, proportionality and market integrity. Amongst other things, technological innovation is driving social networks, artificial intelligence, machine learning, mobile applications, distributed ledger technology (DLT), cloud computing and big data analytics.

And is interlinked with the political priorities of the Juncker Commission which is committed in ensuring that the EU economy, industry and its citizens take full advantage of digitalisation. All of which aligns to the Commission’s 2015 publication of its ‘Digital Single Market Strategy for Europe’ which lists its main policy objectives to be: (i) support digital infrastructure development; (ii) improve access to digital goods and services; and to (iii) design rules that foster technological development.

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