TRANSFORMATION OF LEGAL REGULATION OF THE BANKING SERVICES SECTOR IN THE EUROPEAN UNION IN THE CONTEXT OF FINANCIAL TECHNOLOGIES DEVELOPMENT

Rapid development of using financial technologies (FinTech) generates a state of competition between the interests of the banking sector with its predominantly established traditional approaches to provision of services and the interests of the new participants of financial relations, which offer an increase in the availability and efficiency of services presented at the market through their digital support and introduce new services that can meet the growing demands of consumers. In these circumstances, the legal policy of the states and international integration organizations is faced with the need to develop a balanced approach to ensuring the interests of the banking sector and the FinTech industry, which, at the same time, should also take into account the interests of consumers of financial services and the tasks of innovative development of the economy. The European Union is moving towards the gradual integration of relations related to the use of technological innovations in the financial sector into the common European regulatory space, thereby maintaining the stability of the existing system of financial services. At the same time, at present, in the EU legal policy, there is a tendency to use development of financial technologies as a factor determining the parameters of transformation of legal regulation of banking in the direction of increasing competition at the financial services market in the interests of consumers and economic development. This article provides a general description of the legal regulation of the financial technology sector in the European Union, identifies and examines the priorities of development of the EU policy in the field of financial technologies, and also examines the features of legal regulation of banking in the context of the payment services regulation reform in the European Union.

FinTech, financial technology, financial services, European Union law, EU banking law, banking regulation, payment services, EU Payment Services Directive, payment initiation services, financial information aggregation services.

Krasikov D. V. Transformation of legal regulation of the banking services sector in the European Union in the context of financial technologies development. Business. Education. Law, 2020, no. 4, pp. 270–275. DOI: 10.25683/VOLBI.2020.53.446.