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Digitalisation trends / Digital Finance Strategy

Digitalisation trends / Digital Finance Strategy

Context

Digitalisation is progressing in all steps of the financial value chain, with the potential to improve customer experience, financial products and services, processing efficiency, risk management and cross-border activities. Digitalisation also raises new challenges in terms of market fragmentation, upgrade of legacy IT systems, availability of skills and also new risks relating to cyber-risk, ICT outsourcing, AI use and data sharing in particular. The speed of this transformation is also a challenge in itself for financial market participants and regulators.

The EU has been implementing since 2020 a significant package of measures (the Digital Finance package) to support the digitalisation of financial services, including new frameworks for the experimentation of DLT (DLT pilot regime), the enhancement of digital operational resilience in the financial sector (DORA), the regulation of crypto-assets (MiCA) and a review of existing financial rules to ensure that they are adapted to the digital age and that obstacles to digitalisation are lifted.

Horizontal legislations concerning data and AI (EU data strategy, AI Act) and the FiDA proposal on open finance complete this package.

Work covering many of these areas is also underway at the international level led by the FSB, IOSCO and the BIS in particular. A further issue that is being addressed by the ESA Joint Committee in the EU and the Financial Stability Institute of the BIS at the international level is the impact of digitalisation and of the role of tech players (multi-activity groups and bigtechs) on the financial value chains and market structure and the related risks and policy implications.

Eurofi documents

Extracted from the main Eurofi publications (Regulatory Updates, Views Magazines and Conference Summaries)

Regulatory Update

Eurofi policy notes

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Summary

Session Summaries

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Views The Eurofi Magazine

Eurofi Views Magazine chapters

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