The European Commission’s taskforce could signal that more regulation is on the way for disruptive financial services, including mobile payments.
The Task Force on Financial Technology will present policy suggestions and recommendations in the first half of 2017.
Services including Apple Pay and Samsung Pay are already available in several European countries.
Commission Vice-President Valdis Dombrovskis (pictured), responsible for Financial Stability, Financial Services and Capital Markets Union, talked up the opportunity offered by fintech.
“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,” he said.
Meanwhile, Guenther Oettinger, the Commissioner for Digital Economy and Society, talked about the potential disruption to existing business models and value chains, and possible responses. “The Digital Single Market strategy aims at laying down an appropriate framework and enabling solutions concerning, for instance, electronic authentication or cybersecurity,” he said.
“If you think payment services by banks need to be strictly regulated, then you also need similar measures for those who provide payment services without a banking licence,” Elke Koenig, the head of the Single Resolution Board, the European banking watchdog, told Reuters.