NEWS
Experts express concerns over the EU Parliament Committee ’ s position on the Payment Services Regulation
The European Parliament ’ s Economic and Monetary Affairs Committee ( ECON ) adopted its position on the Payment Services Regulation ( PSR ), which introduces new rules for providers of payment and electronic money services .
The Computer & Communications Industry Association ( CCIA Europe ) expresses grave concerns about the Committee ’ s plan to introduce a broad extension of liability for online fraud , which would come down to responsibility being shifted from banks to online platforms .
Not only would this liability extension directly conflict with the Digital Services Act , which already mandates online platforms to fight fraud , but it is also unjustified and disproportionate . No evidence has ever been presented that creating this new liability would lead to improvements . On the contrary , it creates more confusion and is yet another example of last-minute regulatory overreach .
It is a blatant attempt by large incumbent banks to escape the responsibility they have towards their customers by shifting it to innovative players , who are already subject to strict rules and actively combat online fraud .
The CCIA regrets the overall lack of improvements to the European Commission ’ s initial proposal , as well as ECON ’ s low level of ambition on such an important legislative file . Furthermore , online platforms would be far from the only ones affected by this PSR text . Providers of small and innovative e-money balances – used to order a ride , take out a subscription , or make in-app purchases for instance – would also be subject to excessive new rules . CCIA Europe calls on Parliament to improve its position ahead of the plenary vote and deliver a framework that truly serves consumers and the wider digital economy . CCIA Europe ’ s Senior Policy Manager , Boniface de Champris , said : “ The Parliament Committee ’ s lack of willingness to engage with relevant stakeholders , other than some big banks , is regrettable and explains this inadequate outcome .”
The Hong Kong Applied Science and Technology Research Institute ( ASTRI ) has inaugurated a ‘ FinTech and ESG Alliance ‘ to foster a dynamic platform for exchange and knowledge-sharing . This alliance aims to enhance engagement with regulators , policymakers , incubators and accelerators , FinTech start-ups and enterprises , as well as other stakeholders to promote technological collaboration and commercialisation , bolstering Hong Kong ' s role as a world-leading green FinTech hub .
The newly established ‘ FinTech and ESG Alliance ’ is backed by banks , financial institutions and businesses . It aims to foster the convergence of emerging FinTech solutions and drive the digital transformation of conventional financial and insurance services to enhance operational efficiency . The Alliance is set to host a series of events for its members
ASTRI sets up FinTech and ESG Alliance
including talks , seminars , technology showcases , overseas missions , to facilitate collaboration among stakeholders and tap into fresh opportunities in the Mainland China and overseas , injecting new impetus into Hong Kong ' s economy .
Dr Denis Yip , Chief Executive Officer of ASTRI , said : “ Building on our previous achievements , our goal is to engage with all stakeholders to develop a holistic ecosystem that paves the way for an innovative era of financial services and sustainability . ASTRI remains committed in advancing knowledge transfer and technological innovation , fostering collaboration among Alliance members and the global industry through a range of networking and matchmaking initiatives .” www . intelligentfin . tech
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