The European Banking Authority publishes a FinTech Roadmap

The European Banking Authority (EBA) published a FinTech Roadmap. This document sets out the EBA’s priorities for the upcoming years.

These priorities are:

• monitoring the regulatory perimeter, including assessing current authorisation and licencing approaches to FinTech firms, and analysing regulatory sandboxes and innovation hubs to identify a set of best practices to enhance consistency and facilitate supervisory coordination;

• monitoring emerging trends and analysing the impact on incumbent institutions' business models and the prudential risks and opportunities arising from the use of FinTech,

• promoting best supervisory practices on assessing cybersecurity and promoting a common cyber threat testing framework;

• addressing consumer issues arising from FinTech, in the areas of unclear regulatory status of FinTech firms and related disclosure to consumers, potential national barriers preventing FinTech firms from scaling up services to consumers across the single market, and the appropriateness of the current regulatory framework for virtual currencies;

• identifying and assessing money laundering/terrorist financing risks associated with regulated FinTech firms, technology providers and FinTech solutions. 

In addition, the EBA will continue to engage in relevant international initiatives to promote supervisory and regulatory consistency in responding to new and borderless technologies.