Brussels, Belgium – The European Commission is carrying out an investigation on Dutch and Polish banking associations for allegedly blocking access of financial technology services to customer account data.
Last Monday, representatives from both associations confirmed that they were targeted by dawn raids by the Commission, who said that it would focus on finding out if banks and similar industry associations had abused their dominance.
However, banking bodies from UK, Germany, and France said that they were not raided.
Most fintech companies offer cryptocurrency-related services and mobile payment apps and have been snagging market share from traditional financial operators. Most of these fintech players are Britain-based, which is why EU is doubling its efforts to attract more financial technology companies to its shores.
Source: Reuters UK