Public consultation on financial innovation

Department 36 – Financial Markets III
Department 36 – Financial Markets III

Published

  • Public Discussions
  • Financial Market

Development of financial market innovation provides significant benefits for the economy but also contains risks that have to be managed. Therefore, the Ministry of Finance of the Czech Republic has prepared a public consultation on the subject. Although the consultation is only in Czech language, your input on the subject in English language is also welcome.

The aim of this consultation

The Ministry of Finance of the Czech Republic would like to map the digital finance and financial innovation landscape in the Czech Republic. The objective is to obtain stakeholders´ views on a number of issues related to new digital technologies in order to foster an innovation-friendly environment.

This consultation considers financial innovation to include both technological and non-technological innovations linked to the provision and distribution of financial services. Understanding these innovations is a key prerequisite to preparation of high quality legislation. Development of financial innovation can lead to a more efficient financial market and to the improvement of Czech competitiveness. This public consultation examines current Czech and foreign legislation related to financial innovations, introduces international codes of ethics and other self-regulatory tools and briefly describes frequently used new information technologies and their application in digital finance. The consultation covers technologies such as Distributed Ledger Technology, Artificial Intelligence, Biometrics, Cloud computing etc. The Ministry of Finance of the Czech Republic aims to create and promote an environment that embraces innovation and overall economic and sustainable growth of digital finance.

The goal of this consultation is to identify best ways to support the competitiveness of Czech and European innovative businesses, encourage grow of FinTech start-ups and also ensure that there is an adequate level of consumer protection. Financial sector innovators, customer organizations and other interested parties are invited to provide their views on various aspects of the use of financial innovation and its potential, risks and feasible solutions. The Ministry of Finance of the Czech Republic strives to create a digital finance friendly environment and input from stakeholders is greatly welcomed.

Consultation period

The public consultation is open and you are invited to reply by 11 March 2020 at the latest by sending your thoughts via email to inovace@mfcr.cz.

Moreover the Ministry of Finance of the Czech Republic is pleased to invite interested parties to the Conference DIGITAL FINANCE: CREATING A SINGLE AND OPEN FINANCIAL MARKET IN EU, which will take place on 20th February 2020 in Prague at the Podnikatelské a inovační centrum, MHMP (Jungmannova 35/29, Prague). Please confirm your registration using this form.