Response to Consultation on a new Digital Finance Strategy for Europe

Published 02/09/2020

The International Regulatory Strategy Group (IRSG) is pleased to respond to the European Commission’s consultation on a new digital finance strategy for Europe / FinTech action plan.

The IRSG agrees with the Commission that digitalisation is transforming the European financial system and the provision of financial services to Europe’s businesses and citizens. We strongly believe that this change should be viewed in the context of a global digital transformation in financial services. Therefore, in commenting, the IRSG intends to emphasise the need to align regulatory approaches and calls for interoperability with other global financial centres in order to support innovation and ensure the best result for the customer. Under this core belief, this response aims to highlight four areas of interest:

  1. The need to coordinate with international partners to provide regulatory clarity
  2. The benefits of implementing a regulatory sandbox
  3. The importance of placing the customer at the heart of technological innovation
  4. The importance of remaining internationally connected in regards data access and sharing
  5. The ability for digital finance tools to promote the sustainable finance agenda