By now, no one doubts that the digital revolution opens up a vast range of opportunities, but it also raises a number of regulatory, security and operational questions that need to be clarified. First, we are concerned about the lack of adaptation of financial regulation to the new context of digital innovation. Authorities are used to regulating based on the type of company, rather than the activity it carries out. This approach does not fit well with today’s innovation landscape, which is why at AEB we continue to insist that we must be guided by the principle of “same activity and same risks, same regulation and supervision”.
Fortunately, authorities are becoming increasingly involved in these matters, and by 2018 the European Commission is expected to adopt an initiative in this area. At AEB, we support regulatory testing environments, or sandboxes, in which fintech companies—banks and start-ups—could develop their technological projects in the field of finance in a controlled environment. These sandboxes would also serve as a significant spur to innovation. In Spain, a regulatory framework of this kind is also being considered, and its creation could help maintain the high level of competition and efficiency that our banking sector currently enjoys.
José María Roldán, Chairman of the Spanish Banking Association
