{"id":346,"date":"2017-04-30T14:59:10","date_gmt":"2017-04-30T12:59:10","guid":{"rendered":"http:\/\/jacekwisniewski.pl\/summary-of-the-panel-fintegration-collaboration-of-the-fintech-sector-with-the-financial-sector-and-regulators\/"},"modified":"2019-04-16T10:39:09","modified_gmt":"2019-04-16T08:39:09","slug":"summary-of-the-panel-fintegration-collaboration-of-the-fintech-sector-with-the-financial-sector-and-regulators","status":"publish","type":"post","link":"http:\/\/wisniewski.legal\/pl\/summary-of-the-panel-fintegration-collaboration-of-the-fintech-sector-with-the-financial-sector-and-regulators\/","title":{"rendered":"Fintegration \u2013 collaboration of the FinTech sector with the traditional financial sector and regulators"},"content":{"rendered":"
\"\"<\/a>

Fotolia \/ ne2pi<\/p><\/div>\n

Recently I had a pleasure to become a programme committee member of the FinTech Sector Congress which took place in Warsaw, Poland on 28 March 2017, and I also have moderated one of the panels during the congress, the one about a “Fintegration”.<\/p>\n

Below I present my summary of the panel discussion – to find out more about the congress and the panelists please go here<\/a>.<\/p>\n

The panel\u2019s theme was \u201cfintegration\u201d, understood as, on the one hand, cooperation of new players on the financial market (namely the FinTech sector) with the traditional players on this market (primarily the banks) and, on the other hand, an analysis of the approach of the Polish regulatory\/supervisory authorities to financial innovation and the ability of these authorities to support innovation. The panel discussion revolved around the main arguments mentioned below.<\/p>\n

<\/p>\n

“Zero to One”\u2013 what is financial innovation and does it require \u201cfintegration\u201d<\/strong><\/h4>\n

The panellists discussed and mentioned numerous possible practical meanings of the term \u201cfinancial innovation\u201d, including:<\/p>\n

    \n
  • the acceleration of financial trading,<\/li>\n
  • greater bank penetration among consumers,<\/li>\n
  • a reduction in transactional costs,<\/li>\n
  • in view of the specialization of the new players in certain areas, more efficient<\/li>\n
  • operation of the organization and optimization of the costs of introducing innovation,<\/li>\n
  • the introduction of new models of collaboration between players on the financial<\/li>\n
  • market (e.g. eliminating some intermediaries and distributing the benefits among the<\/li>\n
  • parties to the transaction, such as, for instance in crowdfunding),<\/li>\n
  • the simplification of the methods of operation of financial institutions and<\/li>\n
  • improvement (by simplification) in the quality of customer service,<\/li>\n
  • the improvement of customer service by focusing on the so-called design thinking<\/li>\n
  • and client journey.<\/li>\n<\/ul>\n

    The participants of the debate unanimously acknowledged that support and a favourable\u00a0approach of the legislators and supervisors would be necessary for real innovations to have\u00a0a chance of success on such a regulated market as the financial market.<\/p>\n

    FinTech 2.0 and PSD2 \u2013 cooperation of FinTech innovators and bank digital rebels<\/h4>\n

    The participants of the discussion agreed that the model of the so-called universal banking\u00a0needs to be adjusted to the new realities, including the phenomenon of new players in the\u00a0FinTech sector entering the market, as well as new consumer financial services (in particular, the so-called millennials). The panellists pointed out that there was exuberant\u00a0growth of non-bank entities, which often constitute competition for banks, in many segments\u00a0of traditionally bank services (such as international money transfers and consumer credit),\u00a0which bankers have to face. In this context, a representative of the banking sector pointed\u00a0out that the response of the bankers could be to simplify the services provided and to\u00a0operate faster \u2013 so that the banks work operationally as quickly and efficiently as the\u00a0FinTechs. At the same time, all the participants of the discussion agreed that the future of\u00a0the financial industry in general is collaboration between the new and traditional players.<\/p>\n

    They acknowledged that the method of implementing the second payment services directive\u00a0(so-called PSD2) in Poland will be particularly important for the specification of the principles\u00a0of future collaboration between the banks and the FinTech sector \u2013 which should take place\u00a0in January 2018 \u2013 especially regarding access of companies from the FinTech sector to\u00a0(transactional) bank data of customers through IT protocols (the so-called open API). The\u00a0representatives of the latter considered the ability to relatively easily, but securely, share\u00a0bank (transactional) data of bank customers with the FinTech sector to be the foundation of\u00a0an increase in competitiveness in the banking and financial sector, which is, after all, the declared objective of the PSD2 directive.<\/p>\n

    Outlook for the Polish regulators \u2013 support, or do not disturb?<\/h4>\n

    The statements from the representative of the Ministry of Finance indicating the desirable\u00a0aspects of financial innovation, especially related to the so-called financial inclusion, namely\u00a0attracting customers to the financial sector who have not previously used banking services\u00a0or have used banking services to a small extent, came as a very positive note during the\u00a0panel discussion. The solutions offered by entities from the FinTech sector can also attract\u00a0young people to the financial market because of the ease of support and the use of modern\u00a0sales channels (e.g. mobile channel \u2013 smartphones).<\/p>\n

    The representative of the Ministry of Finance, as a regulatory authority, also declared a\u00a0positive attitude to the FinTech sector, simultaneously emphasizing that the key to the\u00a0success of the FinTech sector is that the proposed solutions should be secure forcustomers. He also pointed out that the positive attitude of the regulatory and supervisory authorities is not purely at a declaration stage, but specific initiatives are being taken to\u00a0develop the FinTech sector, the best example of which is the appointment of an inter-ministerial working party on financial innovations (FinTech), the objective of which is to jointly (together with the representatives of the FinTech sector and organizations of entrepreneurs from the financial market) diagnose the regulatory and supervisory barriers to the\u00a0development of financial innovation in Poland and to propose solutions which can eliminate these barriers.<\/p>\n

    British and Polish experience \u2013 a \u201cregulatory sandbox\u201d and examples of cooperation on\u00a0the market<\/h4>\n

    Given that one of the companies, whose representative took part in the panel discussion\u00a0(Billon sp. z o.o.) has unique experience in Poland, namely participation in the so-called\u00a0\u201cregulatory sandbox\u201d organized in the UK under the auspices of the Financial Conduct\u00a0Authority (FCA) \u2013 the British supervisor of the financial market \u2013 the discussion also included\u00a0this topic. Broadly speaking, the regulatory sandbox is a special package of regulations,\u00a0intended in this case for the FinTech sector, which has the purpose of facilitating the\u00a0development of the sector, or safely testing new solutions, by temporarily releasing entities\u00a0admitted to such a \u201csandbox\u201d from some of the regulatory requirements (e.g., related to the\u00a0requirement to have a licence, or the amount of share capital).<\/p>\n

    The representative of Billon sp. z o.o. considered the shortening of the time required to\u00a0obtain a licence (if it is required and the given entity is applying for it) from 6 months to 6\u00a0weeks to be an important positive element of the British \u201cregulatory sandbox\u201d. In addition,\u00a0an effective solution used in the \u201csandbox\u201d was the introduction of the institution of a\u00a0\u201ccustodian\u201d from the FCA for every participant, who is constantly in touch with the given\u00a0company and takes it through the potential regulatory complexities.<\/p>\n

    The regulatory environment of crowdfunding platforms \u2013 is it a solution to the\u00a0sector\u2019s problems?<\/strong><\/h4>\n

    A part of the panel discussion applied to the regulatory situation of the crowdfunding sector\u00a0in Poland, whereby the starting point of the debate was the observation that, despite rapid\u00a0development world-wide, this sector is growing relatively slowly in Poland. The\u00a0representative of the industry outlined the fundamental barriers to the development of the\u00a0industry, indicating that one of the main barriers may prove to be the lack of a uniform\u00a0position of the regulatory and supervisory authorities regarding even the same facts. An\u00a0example of a crowdfunding platform was mentioned, which received conflicting positions\u00a0from the Ministry of Finance and the Polish Financial Supervision Authority twice in the same\u00a0case. As for other substantive barriers to the development of the sector, the unclear treatment of loan crowdfunding, including the need to register the funding parties as\u00a0entrepreneurs, the tax aspects of such transactions and possible licensing requirements with\u00a0regard to Act on Payment Services.<\/p>\n

    Summary: Fintegration: opportunities and threats<\/h4>\n

    In response to the question posed to the panellists \u2013 does \u201cfintegration\u201d carry opportunities\u00a0of perhaps threats? \u2013 the distribution of responses was six : zero and, including the vote of\u00a0the moderator, even seven : zero in favour of opportunities. This means that the\u00a0representatives of the traditional financial sector and the regulators in Poland view this new\u00a0FinTech phenomenon positively, while the representatives of the FinTech sector are looking\u00a0hopefully at the opportunity to work with the traditional players and are waiting for\u00a0institutional support for financial innovations. However, the key to good cooperation and the\u00a0development of innovation will be an appropriate regulatory environment (in particular the\u00a0implementation of the PSD2 directive) and the removal of the regulatory barriers mentioned by the FinTech sector. Additionally, given the declared positive approach of the Polish\u00a0regulatory and supervisory authorities to financial innovation, perhaps it will be possible to fulfil the vision of Poland as a regional leader of such innovations in the FinTech sector.<\/p>\n

    Let\u2019s hope this happens.<\/p>\n

    Author:<\/strong>\u00a0Jacek Wi\u015bniewski is a Polish attorney-at-law, founder of #WI\u015aNIEWSKI.legal law firm, focusing his practice on innovation in finance (FinTech), corporate M&A and PE\/VC transactions, payment services and consumer finance. Jacek is originator and chair of\u00a0#TechVoice\u00a0<\/strong>monthly events for FinTech founders, banks, investors and FinTech consultants, held in Warsaw.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Recently I had a pleasure to become a programme committee member of the FinTech Sector Congress which took place in Warsaw, Poland on 28 March 2017, and I also have moderated one of the panels during the congress, the one about a “Fintegration”. 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