Expected changes in the FinTech market regulation

On 10^th 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.