European Commission Launches Internal Task Force on Fintech

23-01-2017

Author: Pearse Ryan and Robert Cain



Rapid technological advancements, including in areas such as processing and storage capacity, cloud computing, social networking and platform technologies, artificial intelligence, and mobile and distributed ledger technologies (including blockchain), have all led to a huge increase in the number of companies, both established and start-up, providing or developing solutions to provide online financial services to customers, as well as consumer acceptance of these new ways of doing business.  This technology-enabled financial services revolution, across business areas such as payments, lending, raising capital and investment management, foreign exchange, money transfer, and robot advisory, is broadly known as FinTech, and is rapidly turning the established financial services sector upside-down.  The FinTech sector can be broadly defined as a range of companies that use new technology and innovation to leverage available resources in order to compete in the marketplace of traditional financial institutions and intermediaries in the delivery of financial services.  In that sense the sector is both innovative and potentially disruptive of existing financial services.

Read the full briefing here.

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