Overview

10. In general, respondents were highly supportive of the EBA’s proposals to take forward work on FinTech, noting that this is an area in which EU action is needed to ensure that the full benefits of FinTech can be realised, including through the provision of cross-border services, while protecting the interests of consumers and minimising risks to financial stability.

11. In particular, respondents noted that FinTech can help support deeper, more integrated and inclusive markets for financial services by enhancing consumer choice and efficiencies in the provision of financial services and facilitating cost reduction. However, in order to protect the level playing field, respondents observed that it is important that FinTech can be applied across all Member States and in a way that maintains the EU’s competitiveness. Therefore, a consistent regulatory and supervisory approach should be promoted at the EU and international levels.

12. On the whole, respondents confirmed that the EBA’s proposals for further work identified in the FinTech Discussion Paper are relevant and complete. Nevertheless, some changes to the EBA’s proposals have been incorporated as a result of the responses received and are explained in this report.

General remarks

The definition of FinTech: EU and international consistency and engagement