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European Financial Services Round Table

Tuesday, March 31, 2020
EFR Paper on Digital competition in Financial Services and the challenge of BigTechs

It is important to ensure equal digital competition in financial services.

The increasing participation of BigTechs in financial services provides both opportunities and challenges for the financial services industry and policymakers. Fair digital competition should be ensured by effectively applying the principle of “same activities, same risks, same regulations”, shifting towards an activity and risk-based approach. It is important to review the regulatory and supervisory frameworks for validity outside of the mere regulated financial sector.