Finalyse attended a conference on FinTech & Digital Innovation in Brussels yesterday. Leaders from the insurance, trading and payments industry discussed with regulators from central banks, the European Commission, ESMA, EBA and the European Parliament about regulation and disruption.
The high-level event was opened by the European Commission Vice-President for Financial Services, Valdis Dombrovskis, and closed by the President of the ECOFIN Council, the Maltese Minister of Finance. Panellists debated about the policy response to technological developments in financial services, customer identification and the future of compliance. Discussions arose about regulatory sandboxes, the role of privacy regulation and the demands of digital natives. Most regulators stated to follow case-by-case approaches in the assessment of new technology and choose to pro-actively observe market developments. Participants confirmed that the industry is investing in RegTech and underlined the importance of an active dialogue between FinTech start-ups, incumbents and regulators.
The bottom line on technology: not all innovations are disruptive – block chain was found to have a less radical impact than expected and DLT to be a hype to a certain extent. Overall, industry representatives asked regulators to provide more clarification, while at the same time giving room for experimentation.
More insights were posted on our Twitter account!
Category: Group News, Brussels News
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