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Digitalisation trends in financial services: are EU regulation and supervision up to the opportunities and challenges? (Digital Finance Package, horizontal digital policies…)

Digitalisation trends in financial services: are EU regulation and supervision up to the opportunities and challenges? (Digital Finance Package, horizontal digital policies…)

Day 1 Afternoon

Wednesday 07 September

Room :

CONGRESS HALL 1

Speakers

Chair
Verena Ross
Chair - European Securities and Markets Authority (ESMA)
Public Authorities
Marcel Haag
Director, Horizontal Policies - DG for Financial Stability, Financial Services and Capital Markets Union, European Commission
Tomas Karpavičius
Head of the Market Infrastructure Policy Unit - Bank of Lithuania
Ondřej Kovařík
Member of the European Parliament - Committee on Economic and Monetary Affairs, European Parliament
Industry Representatives
Adam Gagen
Head of Global Government Affairs - Revolut Ltd.
Scott Mullins
Managing Director & General Manager, Worldwide Financial Services - AWS Worldwide Financial Services
Barbara Navarro
Head of Research and Public Policy Banco Santander

Objectives of the session

This session will first discuss the state of progress of digitalisation in the EU financial sector, on-going market trends and the opportunities and possible challenges associated with digitalisation for financial market players and their customers. The panel will also assess whether EU digital policies (e.g. the proposed Digital Finance Package, the application to financial services of horizontal digital frameworks such as the EU Data and AI strategies…) set out the main actions needed for accelerating the digitalisation of the EU financial sector, facilitating the integration of the EU digital financial market and mitigating the potential risks associated with these evolutions.

The objective of this session is to provide the audience with an overview of digitalisation trends in finance and of EU digital policies (existing and being developed) that have implications for the financial sector. Several other sessions during the Eurofi Prague Forum will assess in further detail different aspects of digitalisation and key legislations of the Digital Finance Package (such as DORA, MiCA, the DLT pilot regime) and horizontal digital policies (AI Act, Data Act…).

Points of discussion

  1. Digitalisation trends in the financial sector: How is digitalisation and the use of new technologies progressing in the EU financial sector? What are the key trends and the future prospects of the digitalisation of financial services? What are the related opportunities and challenges for market stakeholders and the overall financial system?
  2. EU digital policy frameworks: Do EU financial regulations and the digital policies being developed provide an appropriate framework for supporting the growing digitalisation of the EU financial sector? Is the balance right between risk mitigation and innovation in these frameworks and do they ensure a level playing field across the different players involved? Does the approach to regulation need to evolve with the progress of digitalization (e.g. in terms of future-proofness, speed…)? Does financial supervision need to evolve with increasing digitalization?