EU investigates Dutch and Polish blocking of fintech services
BRUSSELS, Oct 9 (Reuters) - EU antitrustauthorities are investigating Dutch and Polish banking associations and theirmembers to determine whether financial technology services are being blockedfrom accessing customer account data.
The two bodies were the targets of dawnraids by the European Commission last week, spokesmen from both associationsconfirmed on Monday.
Representatives of the German, British andFrench banking bodies said they were not raided.
The EU investigation comes amid efforts bythe Commission to attract more financial technology, or fintech, companies tocatch up with the United States and China. One of its directives requires banksto provide customer data to competing services.
Britain's withdrawal from the EU has addedurgency to the task because more than 80 percent of the bloc's fintech marketis based in Britain.
Fintech companies range from those offeringmobile payment apps to digital currencies such as bitcoin. Still relativelysmall, the new players have been grabbing market share from traditionaloperators in payments and lending.
Amazon, for example, has provided $3billion in loans since it launched its lending service for small businessesthis year.
However, fintech businesses have foundbanks reluctant to share customer data while proposed regulatory rules such ashigher liquidity and capital buffers are also seen as barriers.
Companies found guilty of breaching EU antitrustrules face fines of up to 10 percent of their global turnover.
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