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EBA's FinTech Roadmap Summary

Core Content

The European Banking Authority (EBA) published a FinTech Roadmap in March 2018, outlining its next steps and priorities for addressing financial technology (FinTech) in the European Union (EU). The roadmap was developed in response to the FinTech Discussion Paper published in August 2017, which aimed to map FinTech activities and propose areas for further EBA work. The EBA's approach is guided by its statutory objective of enhancing consumer protection, promoting consistent regulation and supervision, and ensuring the stability and integrity of the financial system.

The EBA's FinTech Roadmap identifies six priority policy areas for 2018/2019:

1. Authorisations and regulatory sandbox regimes
2. Prudential risks for institutions
3. Impact of FinTech on business models of institutions
4. Consumer protection and retail conduct of business issues
5. Impact of FinTech on the resolution of credit institutions and investment firms
6. Impact of FinTech on AML/CFT

Main Viewpoints and Key Information

1. Support for EBA's Approach

Respondents generally welcomed the EBA's initiative and expressed strong support for its proposals. They emphasized the need for technological neutrality and consistent regulatory approaches across the EU to ensure that FinTech can develop without undermining the level playing field or financial stability. Many respondents also called for cooperation at EU and international levels to address the cross-border and cross-sectoral nature of FinTech.

2. Regulatory Perimeter and Authorisation Issues

• The EBA will monitor the regulatory perimeter to ensure that FinTech firms are appropriately authorised and supervised.
• Regulatory sandboxes and innovation hubs are seen as key tools to support emerging technologies while maintaining regulatory consistency.
• The EBA will assess whether to convert its guidelines on payment institution authorisation into regulatory technical standards (RTS), based on experience gained from their application.

3. Prudential Risks and Opportunities

• Credit institutions are concerned about the disruptive potential of BigTech entering the financial sector. They emphasize the need for equal treatment of all firms, regardless of their technological background.
• Third-party/outsourcing risk management is a focus area, with the need for regulators to ensure that FinTech firms manage these risks effectively.
• The EBA will work with BCBS and other bodies to develop a technologically neutral approach to prudential supervision.

4. Impact on Business Models

• The EBA will conduct a thematic report on changes to the business models of payment institutions and electronic money institutions.
• The analysis will consider the impact of BigTech and involve a wide range of stakeholders, including industry associations, academics, and consultancies.
• The EBA will also examine societal aspects, such as financial inclusion, employee displacement, and talent acquisition.

5. Consumer Protection and Retail Conduct

• Respondents support the EBA's work on clarifying consumer protection requirements for FinTech firms.
• There is a call for cross-border consumer rights, complaint handling, and disclosure in digital environments.
• Some respondents suggested expanding the EBA's work to include self-regulation by FinTech, interactions between PSD2 and GDPR, and algorithm validation.

6. AML/CFT and FinTech

• The EBA will continue to update its Risk Factors Guidelines to include ML/TF risks associated with FinTech.
• It will also participate in the Commission's expert group assessing the use of electronic identification tools in remote customer on-boarding processes.

Key Initiatives

• The EBA will establish a FinTech Knowledge Hub to:
  • Foster dialogue and knowledge sharing between regulators, supervisors, and FinTech firms.
  • Support technological neutrality and consistency in regulatory approaches.
  • Engage with national and international authorities, including data protection bodies.

Conclusion

The EBA's FinTech Roadmap reflects a comprehensive and forward-looking strategy to address the challenges and opportunities posed by financial technology in the EU. It emphasizes the importance of regulatory consistency, technological neutrality, and cooperation across the EU and globally. The roadmap also highlights the need for enhanced consumer protection, prudential risk management, and knowledge sharing to ensure that the EU remains competitive and innovative in the FinTech space.