Feedback on the public consultation

1. The table available in a separate annex sets out a detailed summary of the feedback received from respondents to the FinTech Discussion Paper and of the EBA’s reactions.

Views of the Banking Stakeholder Group

2. The EBA’s Banking Stakeholder Group (BSG) expressed support for the EBA’s approach to the definition of FinTech, noting that the definition applied is sufficient to take account of incumbent institutions, new entrants and so-called ‘BigTech’. The BSG also supported the EBA’s proposals for future work on FinTech.

3. The BSG considered the work on authorisation and registration regimes, and sandboxing and innovation hubs to be relevant and complete. The BSG expressed strong support for the proposals to produce an EBA opinion (or at least a report) about the regulatory treatment of relevant activities at the national level, and the proposals to further assess and promote consistency in the design of regulatory sandboxes and innovation hubs, bearing in mind the potential benefits for such schemes for regulators and consumers. In this regard, the BSG drew attention to its July 2017 proposal to the EBA on regulatory sandboxes in which it called on the EBA ‘to take the lead in developing some guidelines in order to achieve a harmonisation in regulatory practices as well as supervisory criteria on nationally established sandboxes’ and to explore the possibility of cross-border sandboxes.