The European Union is trying to transform the technological architecture of the Single Market with a comprehensive package of law reforms designed to harness the wave of disruptive FinTech innovation now sweeping global markets. This presentation will assess the costs and benefits of the EU approach to governing the FinTech Revolution by:

  • Describing the technological and institutional innovations associated with the use of the term “FinTech” and the impact they are having on incumbent financial service firms such as commercial banks;
  •  Tracing the development of EU law reforms designed to accelerate innovation and competition in European payment services markets including the Second E-Money Directive, the Second Payment Services Directive, the Interchange Fee Regulation, the SEPA End Date Regulation and the development of Regulatory Technical Standards by the European Banking Authority; and
  • Comparing the likely impact of the EU approach to FinTech governance on the growth of the EU knowledge economy with the likely impact of competing approaches being developed by regulators in the US and Asia.