EBA to establish ‘FinTech Knowledge Hub’
Written by Chris Lemmon
The European Banking Authority has outlined plans to create a FinTech Knowledge Hub, designed to enhance engagement between incumbent institutions and new FinTech entrants.
The Hub will contribute to the monitoring of the continuing impact of FinTech, including on business models and interconnectedness in the financial system. The EBA will draw on the experience and knowledge of European authorities, the ESAs and will interact with similar EU and national institutions.
The objective of the new hub will be to identify emerging trends and promote knowledge and experience sharing related to FinTech within the EU and global regulatory community. The initial stage will see the EBA identify efficient ways for bringing together supervisors, regulators, institutions and other FinTech firms, in a mutual setting with the aim of increasing awareness.
The EBA also set out its priorities for the next year, which includes assessment of current authorisation and licencing approaches to FinTech firms, analysis of regulatory sandboxes and innovation hubs with a view to develop a set of best practices to enhance consistency.
Commenting on the launch of the FinTech Knowledge Hub, EBA chairperson Andrea Enria, said: “The EBA's Knowledge Hub will ensure that EU supervisors share best practices and adopt a technologically neutral approach to the application of new technologies in the financial sector. This will help facilitate innovation and scalability across the single market.”