The FSC aims to monitor financial innovations defined as “technology-oriented financial innovations that could lead to new business models, applications, processes or products with related material effects on financial markets and institutions and the financial services they provide” in the non-banking financial sector. The purpose of this process is both to protect the interests of consumers and to facilitate the implementation of regulatory requirements in cooperation with FinTech companies, including those supervised by the FSC.
The FSC continues the process of monitoring financial innovations to clarify the interest of supervised entities in their implementation within the non-banking financial sector, as well as researching the benefits for service users and supervised entities resulting from easier access and reduced costs of products offered. services.
The feedback received during the consultations and studies aims to clarify the risks arising from innovation, the impact on financial institutions’ business models, consumer protection and the impact of financial innovation in the fight against money laundering and countering terrorist financing.
The supervised persons are invited to send their answers to the questionnaire, signed with QES, to email@example.com by 15 October 2019.