Belgian Fintech Companies Urged to Comply with Regulatory Framework
The Financial Services and Markets Authority (FSMA) and the National Bank of Belgium (NBB) have identified financial technology, or FinTech, as a key theme in today’s financial markets. FinTech refers to startups or established firms that use technology to offer innovative processes, products or services in the financial sector.
What is FinTech?
FinTech innovations include:
- Applications based on artificial intelligence and big data
- Distributed ledger technology
- Crypto assets
- Mobile payment solutions
- Alternative distribution models or financing platforms
- Claims management and fighting fraud in the insurance sector
Supervision and Regulation of Innovative Financial Services and Products
The FSMA and NBB have been working together since 2016 to inform market players active in Belgium about the supervision and regulation of their innovative financial services and products. They also participate in European and international networks of supervisors committed to monitoring, coordinating and supporting financial innovation in their respective markets.
Assistance for FinTech Companies
As regulatory framework plays a key role in combining innovation with security in the financial sector, the FSMA and NBB offer FinTech companies, both startups and established firms, the opportunity to contact them directly for explanations on specific supervisory rules, policies and authorisation procedures. They can also assist in navigating the supervisory landscape and provide information on potential supervisory issues when developing an innovative financial concept.
Guidance on Crypto-Assets
The FSMA has received an increasing number of questions about the application of financial rules to crypto-assets. To address this, the authority has drawn up a communication that provides a step-by-step plan as a guideline for classifying crypto-assets. The EU Digital Finance Platform is also available for market participants interested in European initiatives in this area.
Note: The EU Digital Finance Platform can be accessed at [insert link].