Plans for a coordinated approach to regulation are being discussed.
The European Commission is aiming to push a capital markets union and believes that fintech could play an important role.
The Commission has been highlighting the important role that technology can play as a driver of competition, and for bringing capital markets closer to companies and investors.
Although there has been rapid development in fintech and it could play this bonding role, the Commission has warned: the rapid development of fintech poses new challenges in managing risk and ensuring consumers have adequate information and safeguards, said a communication from the Commission.
The communication was directed to; the European Parliament, the Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions.
Currently there is a veritable smorgasbord of regulations regarding finance and fintech across Europe and the world.