Meeting of the FinTech Working Group
The FinTech Working Group held its second meeting on Thursday, 25 June, under the Chairmanship of MEP Stasys Jakeliūnas. The members of the WG discussed with representatives of the European Commission, DG FISMA - Mr Jan Ceyssens, Head of the “Digital Finance” Unit, and Deputy Head Mr Mattias Levin - important aspects of developments in the FinTech sector as well as effects of the COVID-19 crisis.
The state of play regarding the Commission's FinTech Action Plan, potential future legislative initiatives including taxonomy of FinTech, and preliminary outcomes of the respective public consultations particularly in area of the crypto-assets were also discussed.
In the context of the COVID-19 crisis, the WG also analysed the potential contributions of the FinTech sector to social distancing and the economic recovery. Finally, the debate also touched on risks and challenges in relation to the Know-Your-Customer principle (KYC), anti-money-laundary (AML) and consumer protection issues in the area of FinTech.