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04.05.17

Europe Wants to Hear More Ideas about Fintech

Europe wants to learn more about fintech and how to develop it. That’s why the European Commission’s Task Force on Financial Technology will seek feedback on fintech from consumers and companies involved in the sector.

The effort involves an online survey whose findings will help the commission “create an enabling environment where innovative financial service solutions take off at a brisk pace all over the EU, while ensuring financial stability, financial integrity and safety for consumers, firms and investors alike,” the commission said. The commission’s task force also plans to work with companies on such projects as better ways to confirm the identities of financial customers, and to potentially revise rules about selling financial products over the phone or via the Web.

The effort comes as the commission aims to lower the cost of fintech services on the continent, at least according to a quote from Valdis Dombrovskis, the commission’s vice president for the euro and social dialogue, in the March 23 issue of New Europe.

This focus on fintech is happening as the financial structure of Europe readies for major change. A little after noon in Brussels March 29, a British ambassador delivered a letter to EU Council President Donald Tusk that set the wheels into motion for the U.K.’s exit from the EU. Brexit has caused anxiety in the payments industry. For instance, the Prepaid International Forum (PIF), a trade association for the prepaid financial services sector, urged Prime Minister Theresa May and the U.K.’s Brexit negotiators to avoid any scenarios involving trade barriers to the financial markets, especially in the fintech sector.

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