The European Commission announced it will assess whether current EU rules are fit for new technologies, including artificial intelligence, according to a statement.
Dubbed an “action plan”, the EC outlined 23 steps to help the financial sector “make use of the rapid advances in new technologies, such as blockchain, artificial intelligence and cloud services”.
That includes setting up an expert group to review whether EU regulations are fit for purpose. The review is expected to be finished by Q2 next year.
In addition, the EC will host a fintech lab where European and national authorities can work with tech providers in a neutral, non-commercial space.
Among the technologies to be addressed by the fintech lab are machine learning and artificial intelligence, as well as APIs and open banking standards, regtech, and cloud and blockchain technologies.
A big portion of the action plan deals with access to investment capital. Valdis Dombrovskis, VP responsible for Financial Stability, Financial Services and Capital Markets Union, said in a statement: “To compete globally, Europe’s innovative companies need access to capital, space to experiment and scale to grow.”
He added that an EU crowdfunding licence would help platforms scale up in Europe.
“It will help them match investors and companies from all over the EU, giving more opportunities for firms and entrepreneurs to pitch their ideas to a wider base of funders,” Dombrovkskis said.