Fintech: ECON Committee votes on influence of technology on future of financial sector

The EU Parliament's Committee on Economic and Monetary Affairs (ECON) has voted to adopt a draft report on the influence of technology on the future of the financial sector, which calls on the EU Commission to develop an action plan to enable new and innovative technologies to develop in the framework of the Capital Markets Union and Digital Single Market.

The draft report outlines key priorities such as:

• cybersecurity and data protection;
• interoperability and passporting of fintech services within the EU;
• providing a level playing field for traditional companies and start-ups; and
• controlled experimentation with new technologies and fostering financial education and IT skills.

The EU Parliament's plenary session is expected to vote on this report in May 2017.