Greek market watchdog’s report on pros and cons of fintech

A Greek market watchdog on Tuesday said Greece should examine the need to set up an agency to implement open banking in cooperation with the Bank of Greece, in case competition breaches were found despite an existing regulatory framework.

The Hellenic Competition Commission, in a report on the fintech market, said that enterprises in the fintech sector were a new and constantly growing market which was in its early stages in the country.

“The much-promising fintech sector offers significant benefits to consumers and enterprises, as it promotes innovative products with significant advantages compared to traditional financial services. On the other hand, the main characteristics of financial technologies, such as the use of platforms, data and algorithms, could facilitate the adoption of practices capable of harming the prosperity of consumers, raising hurdles to innovation and competitiveness in the sector,” the report said.

[AMNA]