Digital financial services can help modernise the European economy across sectors and turn Europe into a global digital player, as per the European Commission. By making rules more digital-friendly and safe for consumers, the European Commission wants to leverage synergies between high innovative startups and established firms in the financial sector while addressing associated risks.
Based on broad public consultations and Digital finance outreach, the European Commission has adopted a digital finance strategy. The strategy has four main priorities; removing fragmentation in the digital single market, adapting the EU regulatory framework to facilitate digital innovation, promoting data-driven finance & addressing the challenges & risks with digital transformation, and lastly enhancing the digital operational resilience of the financial system.