The European Parliament’s Committee on Economic and Monetary Affairs (ECON) has published a report entitled FinTech: influence of technology on the future of the financial sector. The report includes a motion for a European Parliament Resolution.
The report discusses defining an EU framework for FinTech, innovative uses of data, cyber security, interoperability and digital skills.
On cyber security the report notes that a European action plan is needed because cyber criminals know no borders and pose a growing threat, targeting the EU financial market infrastructure, currencies and data. A specific challenge to the EU financial infrastructure concerns the increasing number of new actors with potentially less stringent cyber security requirements than more established financial players. These may become “single nodes of fragility within the financial chain”. The report also notes that Member State practices in relation to information and communication technology risk vary significantly and that there is a need for a comprehensive and coherent regulatory and supervisory framework that sets standards for the exchange of best practices and major incident reporting.
View ECON report on Fintech, 3 May 2017