Expected changes in the FinTech market regulation
On 10th of January 2019, at the initiative of the Polish Financial Supervision Authority, the first meeting of the Interministerial Directoral Committee for FinTech was held, which includes representatives of:
- Polish Financial Supervision Authority,
- Prime Minister,
- Minister of Finance,
- Minister of Digitization,
- Minister of Entrepreneurship and Technology,
- Minister of Investment and Development,
- Office for Competition and Consumer Protection,
- National Bank of Poland.
During today’s debates, the PFSA presented a bill amending the regulations on the activities of entities from the FinTech market. The proposed changes include, among others:
- introduction of a test license for entities from the FinTech regulatory sandbox,
- introduction of a register and regulation of crowdfunding platforms’ activity,
- liberalization of regulations defining the use of cloud solutions and banking outsourcing,
- introduction of a small electronic money institution,
- introduction of a small insurance company (activity based on an entry in the register),
- liberalization of the regulations governing activities as a small payment institution.
We are undertaking actions to gain access to the content of the draft amending the act, but at the moment it is only of a working nature for the internal needs of the Committee.