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Financial Technology (FinTech) (communication)

EESC opinion: Financial Technology (FinTech) (communication)

Key points:

The EESC

  • supports the Commission's Fin Tech Action Plan and considers that the development of FinTech can deliver a number of benefits to both European businesses and their clients;
  • considers that the measures included in the action plan on improving cyber security and the resilience of the financial sector are important, but should be supplemented by rules to ensure uniformity in the development of FinTech in the EU;
  • believes that the level of regulation for FinTech players should subject to the same rules as the financial sector, particularly as regards resilience, cyber security, and supervision;
  • recommends that the Commission keep a close eye on crypto-assets and their high degree of volatility, in cooperation with the European supervisory authorities. Where necessary, all necessary action should be taken at EU level to ensure that the security and stability of the financial and economic system are not threatened in any way or at any time;
  • recommends that the Member States design and implement active labour market measures enabling workers affected by the introduction of innovative technologies in the financial sector to take up a new job as soon as possible.