Report Dutch Central Bank on FinTech
On 21 January 2016 a round-table conversation, organized by the Dutch House of Representatives, took place about technological innovation in the financial sector (‘FinTech’). The Dutch Central Bank (DNB) gave its views on this topic in a Position paper (see here, only available in Dutch) and published a report: ‘Technologische innovatie en de Nederlandse financiële sector: Kansen en risico’s voor gevestigde instellingen, nieuwkomers & het toezicht’ (see here, only available in Dutch). DNB assesses in the report the impact of technological innovation on the financial sector and analyses three possible scenarios. Technological innovation possibly has a great impact on the business models and strategies of existing market parties. The outcome of the DNB research is that there are positive effects of innovation, but it also showed there are some potential risks to it. DNB announces a number of next steps in the report, inter alia researching the possibility of a temporary license for experimental services (‘test bed’) and licenses on the basis of specific activities or risks of financial institutions.