EU Banking Watchdog Sets Out ‘Roadmap’ to Regulate Fintech

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The European Union’s banking watchdog set out a “roadmap” on Friday to help plug gaps in how the rapidly evolving financial technology sector is regulated.

Andrea Enria, chairperson of the European Banking Authority, speaks at Reuters Summit interview in London, Britain, September 25, 2017. REUTERS/Afolabi SotundeNew EU rules from January make it easier for start-ups to offer traditional banking services such as payments.

Andrea Enria, head of the European Banking Authority, said the watchdog will analyze the nature of services provided by fintech firms “with a view to ensuring that similar services, entailing comparable risks, are regulated in a consistent way across the EU”.

The watchdog, which helps the bloc flesh out banking rules, will report on its assessment by the end of the year.

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