An expert group was tasked with reviewing the application and suitability of the existing EU legal and regulatory framework when applied to fintech.

The group, known as the Expert Group on Regulatory Obstacles to Financial Innovation, was tasked with reviewing the application and suitability of the legal and regulatory framework in the field of fintech.

Another recommendation of the group is that an updated regulatory framework is put in place to leverage the benefits of fintech, while remaining focused on consumer protection, market integrity and the stability of the EU financial system.

Risks associated with AIThe report also outlined that while AI can bring significant efficiency gains to financial services, it also carries some specific risks.

In a statement, the group said: “As with other areas of regulation, efficiency gains and associated risks are two sides of the same coin. | To read full story, visit https://startuparound.com/read/1576256406.69764/The-main-points-from-a-major-EU-report-on-fintech-regulation?ref=audio_experience