Belgian Regulators Take a Closer Look at Fintech Industry

In recent times, the National Bank of Belgium (NBB) and the Financial Services and Markets Authority (FSMA) have identified fintech as a key area to focus on. FinTech refers to innovative technologies used in the financial sector, including:

• Artificial intelligence
• Blockchain technology
• Mobile payments

Collaboration between NBB and FSMA

The NBB and FSMA began collaborating in 2016 to inform fintech companies about regulatory requirements and supervision procedures in Belgium. Both organizations participate in international networks to monitor and coordinate financial innovation across markets.

Regulatory Framework a Key Driver of Innovation

As the regulatory framework plays a crucial role in balancing innovation with security in the financial sector, the FSMA and NBB offer fintech companies direct access for guidance on specific supervisory rules, policies, and authorisation procedures. They can also provide assistance in navigating the regulatory landscape and help identify potential supervisory issues when developing innovative financial concepts.

Proactive Approach to Regulating Fintech Innovation

By taking a proactive approach to regulating fintech innovation, the Belgian regulators aim to ensure that the country remains an attractive destination for fintech companies while maintaining a secure and stable financial environment.