The European Banking Authority (EBA) published a discussion paper on its approach to financial technology. The EBA sets out in the Discussion Paper the results of the first EU-wide fintech mapping exercise and its proposals for future work on fintech.
The EBA has conducted already a significant amount of work in relation to certain types of financial innovations, such as crowdfunding and virtual currencies, but is stepping up its fintech-related work to investigate the impact of fintech on the financial system and its regulation and supervision.
To gain a better understanding of current fintech activity in the EU, the EBA launched the first EU-wide fintech mapping exercise in spring 2017 to which it received responses from 22 Member States and 2 EEA States. Detailed information was provided for 282 fintech firms.