| Author (Corporate) | European Commission: DG Financial Stability Financial Services and Capital Markets Union |
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| Series Details | COM (2020 591 |
| Publication Date | 24/09/2020 |
| Content Type | Policy-making |
Summary:Communication adopted by the European Commission on 24 September 2020, setting out strategic objectives for digital finance in the European Union (EU). Further information:This strategy seeks to make the European Union's financial services more digital-friendly and to stimulate responsible innovation and competition within the sector across the EU. It aims to reduce fragmentation in the Digital Single Market (DSM), so that consumers can have access to financial products across borders and that FinTech start-ups scale up and grow. It aims to ensure that EU financial services rules are fit for the digital age, for applications such as artificial intelligence (AI) and blockchain. Data management is also at the heart of this strategy. The Communication was adopted by the European Commission on 24 September 2020, as part of a so-called Digital Finance Package. This package includes measures to further enable and support the potential of digital finance in terms of innovation and competition while mitigating the risks arising from it. The package was first announced in the Commission's 2020 Work Programme and its strategy to shape Europe's digital future. It also builds on work already carried out in the framework of the 2018 FinTech Action Plan. The measures in the package include: |
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| Source Link | Link to Main Source https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=COM:2020:591:FIN |
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| Subject Categories | Business and Industry, Internal Markets |
| Subject Tags | Digital Single Market [DSM], Financial Services |
| Keywords | Digital Technology, Free Movement of Capital |
| International Organisations | European Union [EU] |
