Commissioner Albuquerque: "FinTech is no longer a niche, it has become the new standard"

The head of financial services in the EU urges the industry to embrace Open Finance (FiDA) and announces reforms to boost venture capital.

Brussels, February 3, 2026 – Speaking at the 10th Annual FinTech and Regulation Conference, European Commissioner for Financial Services, Maria Luísa Albuquerque, delivered a clear message to the financial industry: the distinction between "traditional finance" and "fintech" is over. She outlined a vision in which digital sovereignty, open data, and venture capital form the backbone of Europe’s economic competitiveness.

In short 1. Albuquerque argued that fintech is no longer just for startups, but has become a baseline expectation for every market participant, from banks to traditional businesses.

2. The Commissioner defended the proposal on Access to Financial Data (FiDA), insisting that users must control their data, while also acknowledging the industry's concerns about costs.

3. Emphasizing that "innovation without capital is just an idea," the Commission is reviewing rules to allow venture capital funds to expand widely within the Union.

"Fintech is no longer a niche sector; it has become the new standard for the entire financial industry," said Albuquerque, highlighting that, in the current geopolitical and economic climate, "standing still is not a neutral choice." She warned that established players who do not take technological risks face the much greater danger of stagnation and irrelevance.

The Commissioner highlighted the EU's track record as a pioneer in regulation, citing the Regulation on Crypto-Assets (MiCA) as a global "gold standard." However, the focal point of the speech shifted to the controversial proposal on Access to Financial Data (FiDA). Acknowledging the "different perspectives" and resistance from some industry players regarding compliance costs, she reiterated the Commission's commitment to putting consumers "in the driver's seat" of their own data. "Competition should not be something we fear," she added, framing data sharing as essential for the next generation of personalized services.

Finally, Albuquerque addressed the funding gap for European innovation. She identified the lack of accessible capital as a critical weakness, mentioning that traditional bank financing is often unsuitable for high-potential innovators. "Innovation without capital is just an idea," she said, announcing that the EU is working to improve rules to allow venture and growth capital funds to operate on a larger scale, thus ensuring that European technology is built and retained in Europe.

https://2eu.brussels/ro/stiri/comisarul-albuquerque-fintech-nu-mai-este-o-nisa-a-devenit-noul-standard