PRESS RELEASE FROM THE FSMA

“The Financial Services and Markets Authority (FSMA) has opened a special FinTech portal on its website. Financial technology companies can use this portal to contact the FSMA for the purpose of exchanging information.

FinTech companies develop new ways to provide financial services. These companies may well have an effect on the traditional players in the financial sector, but can also modernize service provision to consumers. The FSMA has identified FinTech as an important focus of its activities as of 2016. It thus pays close attention to developments in FinTech.

To this end, the FSMA has opened a FinTech portal on its website. The aim is to enable the FSMA to enter more easily into contact with companies in the innovative financial technology sector. These may be new or established companies offering innovative financial processes, products or services in Belgium.

The FSMA is convinced that smooth contact and dialogue, and a better and quicker exchange of information, will ultimately benefit all parties concerned: the legislators/supervisor, service providers and the financial end consumers.

At international level as well, the FSMA is closely monitoring developments in FinTech. Thus, since October 2015, the FSMA is chair of the Financial Innovation Standing Committee (FISC) of ESMA[1] and as such leads the work done at European level in the area of financial innovation. The FISC advises ESMA on drawing up guidelines and recommendations and engaging in product interventions and regulatory actions intended to prevent inappropriate financial innovations that may have deleterious effects on consumers or that may jeopardise financial stability. A better understanding of the opportunities and risks of financial innovations will help ensure a better match between policy and practice.

Brussels, 17 June 2016

 

[1]      The Belgian supervisory authority, the FSMA, is a member of the European Securities and Markets Authority (ESMA). ESMA promotes consistent supervisory practices and investor protection in the EU via the national supervisors and advises the European Commission on financial regulation.”

 

FSMA FINTECH PORTAL

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