EC identifies AI, blockchain, cloud technologies in fintech action plan
The European Commission unveiled an action plan on technology-enabled innovation in financial services (fintech). Europe should become a global hub for fintech, with EU businesses and investors able to make most of the advantages offered by the single market in this fast-moving sector. As a first major deliverable, the European Commission (EC) is also putting forward new rules that will help crowdfunding platforms to grow across the EU’s single market.
EC’s action plan envisages enabling the financial sector to make use of the rapid advances in new technologies, such as blockchain, artificial intelligence and cloud services. At the same time, the action plan seeks to make markets safer and easier to access for new players. This will benefit consumers, investors, banks and new market players alike. In addition, the EC is proposing a pan-European label for platforms, so that a platform licensed in one country can operate across the EU.
The action plan is part of the EC’s efforts to build a Capital Markets Union (CMU) and a true single market for consumer financial services. It is also part of its drive to create a digital single market. The Commission aims to make EU rules more future-oriented and aligned with the rapid advance of technological development.
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