EU aims to improve competitiveness in financial sector

  • World
  • Friday, 25 Sep 2020

BRUSSELS, Sept. 24 (Xinhua) -- The European Commission adopted a new Digital Finance Package on Thursday, which aims to boost Europe's competitiveness and innovation in the financial sector.

The new package consists of several strategies and proposals, including substance that provides legal clarity on crypto-assets and paves the way for Europe to become a global standard-setter, the commission said in a statement.

It said the package will give consumers more choice and opportunities in financial services and modern payments, while at the same time ensuring consumer protection and financial stability.

European Commission Executive Vice-President for an Economy that works for People, Valdis Dombrovskis, said the new plan aims to embrace the digital transformation proactively.

"An innovative digital single market for finance will benefit Europeans and will be key to Europe's economic recovery by offering better financial products for consumers and opening up new funding channels for companies," he said in the statement.

By making rules safer and more digital-friendly for consumers, the Commission hopes the package would boost responsible innovation in the EU's financial sector, especially for highly innovative digital start-ups, while mitigating potential risks related to investor protection, money laundering and cyber-crime.

The strategy is also supposed to bring safe, fast and reliable payment services to European citizens and businesses and will make it easier for consumers to pay in shops and make e-commerce transactions safely and conveniently.

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