The European Commission (EC) has created an internal financial technology task force to assess and make the most of innovation in this area and develop strategies to address the potential challenges that fintech poses.

The task force, called Task Force on Financial Technology (TFFT), will brings together services responsible for financial regulation and for the Digital Single Market, along with experts dealing with competition and consumer protection policy. 

It will further engage outside experts and stakeholders with the aim to formulate policy-oriented recommendations and propose measures in the course of 2017.

European Commission vice-president Valdis Dombrovskis, responsible for Financial Stability, Financial Services and Capital Markets Union said: "We see technological innovation in finance as a development that we need to encourage and enable. It brings huge opportunities for consumers and for industry, both by established players and new Fintech firms.

“Our Task Force will help us make sure that our policy supports the pursuit of these opportunities, while addressing any risks that may emerge. Efficient financial markets need to make the best possible use of the opportunities that technology presents, while also preserving competition and making sure that new operating systems are safe.”

FTTF will be co-chaired by Roberto Viola, director general of DG Connect, and Olivier Guersent, director general of DG Fisma.

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By GlobalData