- monitoring the regulatory perimeter, including assessing current authorisation and licencing approaches to FinTech firms, and analysing regulatory sandboxes and innovation hubs in order to identify a set of best practices to enhance consistency and facilitate supervisory coordination;
- monitoring emerging trends and analysing the impact on incumbent institutions’ business models and the prudential risks and opportunities arising from the use of FinTech,
- promoting best supervisory practices on assessing cybersecurity and promoting a common cyber threat testing framework;
- addressing consumer issues arising from FinTech, in particular in the areas of unclear regulatory status of FinTech firms and related disclosure to consumers, potential national barriers preventing FinTech firms from scaling up services to consumers across the single market, and the appropriateness of the current regulatory framework for virtual currencies;
- identifying and assessing money laundering/terrorist financing risks associated with regulated FinTech firms, technology providers and FinTech solutions.
Article 9(2) of the EBA’s Founding Regulation imposes a duty on the EBA to monitor new and existing financial activities. This obligation extends to all areas of the EBA’s competence, including in the field of activities of credit institutions, financial conglomerates, investment firms, payment institutions, and electronic money institutions. In this context, the EBA has published the FinTech Roadmap.