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Wednesday 28.06.2017 | Name days: Kitija, Viesturs, Viestards
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Associations: unified EU regulations for financial service providers are needed

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUUnified European Union regulations and conditions for all financial service providers, wider access to public registers on an EU level for personal identification and assessment of a person’s creditworthiness, as well as remote identification – these are some of many proposals nine Latvian financial and other industries submitted to European Commission Vice-President Valdis Dombrovskis on Monday, 5 June.

Proposals from financial industry associations were compiled in one big document detailing the future of the EU and Latvian finance market and technological innovations in the field of financial services.

Sanda Liepina, chairperson of Association of Latvian Commercial Banks, says this is the first document that details accomplishments of Latvia’s finance industry in the field of innovations and digital changes, as well as clear up steps for future progress. «Financial industry data shows that we have high competence and a high level of digitization of financial services to secure fast, convenient, safe and effective accessibility of services,» admits Liepina.

«We also agreed more rapid development on a European level requires unified regulations for all financial service providers, which would contribute to competitiveness and cross-border activities. Also EU member states require access to public registries and databases for the identification of individuals and assessment of creditworthiness and improvement of cross-border cooperation. Quicker introduction of remote identification is also important for helping Latvian companies to offer services of equal quality with EU market participants. This is only part of the look at innovations for the financial market also included in proposals from EC,» Liepins said.

EC Vice-President Valdis Dombrovskis says Fintech industry in Europe continues rapidly developing and offering user-friendly products. ‘Already millions of consumers benefit from mobile payments, mutual loans without mediation from banks, as well as online investments. Thoughtfully applied new technologies can significantly improve access of residents and businessmen to financial services.’

‘EC’s goal is making sure Europe’s finance industry is able to develop, contribute to the digital revolution and retaining its security and attractiveness for consumers. We have to create a unified market that uses technological potential to the fullest potential, offering local and foreign service providers to consumers. A unified market with companies motivated to expand and offer services in the entire European Union are something we all need,’ said Dombrovskis.

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