Building capacity and knowledge among regulators and supervisors is one of the key objectives of the Commission action plan on FinTech. As announced in the action plan, the Commission has established an EU FinTech Lab to raise the level of regulatory and supervisory capacity and to share knowledge about new technologies. This is a training opportunity for regulators and supervisors, who will meet multiple technology providers to address regulatory and supervisory concerns and to explain the technologies behind the relevant products and services. The European Commission, the European Supervisory Authorities and the European Central Bank will also take part in the works.
The EU FinTech Lab met for the first time on 20 June 2018 in Brussels. The focus of the session was outsourcing to cloud in the banking and insurance sectors. Participants explored the specific opportunities of cloud outsourcing for financial institutions and supervisors. Also they addressed a number of specific questions and challenges around this technology, to enhance understanding and facilitate the work of Regulators on cloud outsourcing. This discussion follows the Recommendations on cloud outsourcing recently issued by the European Banking Authority, which will be applicable as of July 2018.
New financial technologies (FinTech) can facilitate access to financial services and improve the efficiency of the financial system.