Spain: CNMC to study FinTech market

Spain’s National Commission for Markets and Competition (CNMC) has begun preparing a study on the changes that new technologies applied to the financial sector, known as “fintech,” are provoking, along with their characteristics and the impact that fintech can generate in the financial sector and in the economy as a whole, from the point of view of competition.

“In this sector there are market failures that can justify public intervention for reasons of efficiency, however, this intervention must conform to the principles of efficient economic regulation, such as necessity and proportionality, to ensure minimum distortions of competition,” the CNMC’s announcment added.

Once the report has been finalized, the CNMC will prepare a series of recommendations so that the regulation of the fintech sector achieves the greatest welfare for the consumer, as well as economic efficiency. With the preparation of this report, the CNMC joins the initiatives undertaken by other international organizations such as the OECD, and by other competition authorities, such as those of Canada, Mexico and the US.

Full Content: El Economista

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